EURUSD Analysis - July 9, 2011
Forex Market Analysis | Written by ForexCycle.com | Saturday, 09 July 2011 04:41 GMT
EURUSD moved sideways in a range between 1.3969 and 1.4696 for several weeks. Lengthier consolidation in the range is still possible next week. The price action in the range would possibly be consolidation of downtrend from 1.4939, another fall towards 1.3000 would likely be seen after consolidation, and a breakdown below 1.3969 will signal resumption of downtrend. Key resistance is at 1.4696, only break above this level could indicate that the long term uptrend from 1.1876 (2010 low) is resume, then next target would be at 1.5500.
For long term analysis, EURUSD had formed a cycle top at 1.4939 on weekly chart. Further fall towards 1.1500 is possible in next several months.