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Short Term Analysis – Jan 30, 2008

20080130_eurusd_1.gifEURUSD is forming a symmetrical triangle pattern in a range between 1.4309 and 1.4966. Near term resistance is at the down trend line from 1.4966 to 1.4921, pullback towards 1.4400 area to reach the next cycle bottom on daily chart is possible before breading above the trend line resistance. Near term support is at the up trend line from 1.4309 to 1.4365, and key support is at 1.4309, only break below this level will signal the reversal to 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.

More long term forex analysis.

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