Short Term Analysis – September 5, 2007

20070905_eurusd_1.gifKey support at 1.3560 is broke below, EURUSD topped at 1.3719 level. Further fall below 1.3360 to reach the next cycle bottom on daily chart is expected. Near term resistance is at 1.3719, only break above this level will signal the resumption of 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 1.3851. 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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