Daily Forex Analysis – July 16, 2008

20080716_eurusd_1.gifEURUSD Analysis.
EURUSD broke above 1.6019 (Apr 22 high) long term key resistance and pulled back from 1.6038 level. The pair might be forming a short term cycle top on 4-hour chart. Consolidation would more likely be seen in a couple of days. Key resistance is located at 1.6038, a break above this level will signal resumption of up trend.

For long term forex analysis.

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