EURUSD Analysis – Dec 27, 2008

EURUSD formed a cycle top at 1.4719 level on daily chart. Consolidation in a range between 1.3825 and 1.4719 would more likely be seen next week. Initial support is now located at 1.3825, a break down below this level will signal deeper decline towards 1.3500 zone.

For long term analysis, EURUSD formed a cycle bottom at 1.2329 level on weekly chart. Further rise is expected to 1.5500 zone in next several weeks.

eurusd daily chart