Short Term Analysis – Feb 13, 2008

20080213_eurusd_1.gifEURUSD is forming a cycle bottom on daily chart, and the fall from 1.4951 has completed at 1.4438 level. Further rise to test the previous high resistance at 1.4966 is expected, and a break of 1.4670 level will confirm the cycle bottom. Near term support is at the up trend line from 1.4309 to 1.4365. Long term key resistance is at 1.4966, a break of this level will signal the resumption of the long term 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 still in favor.

More long term forex analysis.

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