EURUSD Analysis – Nov 13, 2008

EURUSD formed a cycle top at 1.3290 on daily chart. Deeper decline could be seen to 1.2000 zone in a couple of weeks. Key resistance is now located at 1.3290, above this level will indicate that the down trend from 1.6038 (July 15 high) has completed.

For long term analysis, EURUSD remains in long term down trend. Deeper decline to 1.2000 zone to reach the next cycle bottom on weekly chart is still possible.

eurusd daily chart