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Short Term Analysis – November 21, 2007

20071121_eurusd_1.gifEURUSD is forming a sideways consolidation to the up trend. Pullback towards 1.4400 to reach the next cycle bottom on daily chart is still possible next week. Near term resistance is at 1.4751, a break above this level will signal the resumption of the up trend, and further rise towards 1.5000 is expected to follow. For long term analysis, EURUSD is in long term bullish movement, and further rise towards 1.6000 to reach the next cycle top on weekly chart can be seen.

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