EURUSD Analysis – Oct 30, 2008

EURUSD breaks above 1.3004 key resistance, suggesting that a cycle bottom on daily chart has been formed at 1.2329 level. Further rise towards 1.2500 zone is expected in next several days. Key support is located at 1.2329, only break down below this level will signal deeper decline to 1.1500 zone.

For long term analysis, EURUSD might be forming a long term cycle bottom at 1.2329 on weekly chart, and a break of 1.3785 level will confirm the cycle bottom.

eurusd daily chart

eurusd weekly chart