Short Term Analysis – December 19, 2007

EURUSD’s down trend remains and the fall from 1.4966 extended to as low as 1.4331. Further decline towards 1.4000 area is expected. Near term resistance is at the down trend line from 1.4966 to 1.4750, now at 1.4670, as long as the trend line resistance holds, we’d expect down trend to continue. For long term analysis, the pair formed a long term cycle top at 1.4966 on weekly chart. Down trend is expected to follow, long term target would be at 1.2950, followed by 1.2150.

20071219_eurusd_1.gif 20071219_eurusd_2.gif 20071219_eurusd_3.gif

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