EURUSD Analysis – Nov 22, 2008

EURUSD remains in range trading between 1.2329 and 1.3290. Further fall is expected to 1.2000 zone next week, and a break below 1.2329 previous low will confirm the resumption of down trend. Long term key resistance is now located at 1.3290, rise above this level will indicate that the fall from 1.6038 (July 15 high) has completed, and then next target could be seen to test the resistance of the down trend line from 1.6038 (July 15 high) to 1.4867.

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