EURUSD is testing the previous high resistance at 1.3851, further rise above this level to reach the next cycle top on daily chart is still possible in a couple of days, and sideways consolidation can be seen after breaking above this level. Near term support is at the up trend line from 1.3360 to 1.3550, and followed by 1.3550, only break below 1.3550 level will signal the reversal to the up trend. For long term analysis, EURUSD is in sideways consolidation to the long term up trend and will move without trend in a range between 1.3262 and 1.4000. Up trend will resume after consolidation and rise towards 1.4300 to reach the next cycle top on weekly chart is still possible.

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This entry was posted on Wednesday, September 12th, 2007 at 1:53 and is filed under Short Term Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.