EURUSD traded in range between 1.4571 and 1.4908 for several days. Key resistance is located at 1.4908, as long as price stays below this level, we’d expect down trend to resume, and further fall is still possible to test the support of the up trend line from 1.1825 (Feb 27, 2006 low) to 1.3360 (Aug 16, 2007 low) after consolidation. However, above 1.4908 will indicate that the fall from 1.6038 has completed and rebound could be seen to 1.5200 zone.
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 expected.
