EURUSD remains in down trend and the fall from 1.6038 extends further to 1.4629 level. Deeper decline is expect to test the support of the up trend line from 1.1825 (Feb 27, 2006 low) to 1.3360 (Aug 16, 2007 low). Key resistance is located at 1.4977, only rise above this level will signal reversal to down trend.
For long term analysis, EURUSD broke below 1.5284 (May 8 low) support and formed a double top pattern on weekly chart. Deeper decline towards 1.4000 level to reach next cycle bottom on weekly chart is now in favor.
