Short Term Analysis – November 14, 2007

20071114_eurusd_1.gifEURUSD is forming a cycle top at 1.4751 level on daily chart. Further pullback towards to the up trend line from 1.3550 to 1.4125 is expected, and breaking below the trend line support to reach the next cycle bottom is still possible. However, the fall from 1.4751 is treated as consolidation to the up trend, further rally towards 1.6000 is still possible after consolidation, and a break above 1.4751 level will signal the resumption of the up trend. 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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