EURUSD Analysis. Feb 2, 2008

EURUSD failed to test the previous high resistance at 1.4966 and pulled back from 1.4951. Further decline towards 1.4400 area to reach the next cycle bottom on daily chart is still possible next week. Key resistance is at 1.4966, a break above this level will signal the resumption of the up trend.

For long term analysis, the pair is in sideways consolidation of the long term up trend. As long as 1.4309 long term key support holds, rise above 1.4966 previous high to reach the next long term cycle top on weekly chart is in favor.

eurusd daily chart