Daily Forex Analysis – Jun 11, 2008

20080611_eurusd_1.gifEURUSD Analysis.
EURUSD formed a short term cycle top at 1.5843 and dropped sharply to as low as 1.5440 level. Deeper decline is expected to test 1.5284 (May 8 low) support after consolidation. Initial resistance is at 1.5600 and key resistance is located at 1.5843, only break of the key resistance could signal reversal to down trend.

For long term forex analysis.

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