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sdotwewen · 10-02-2007, 10:24

EURUSD traded in a narrow range between 1.2865 and 1.3062 for 5 weeks. We are waiting for the break out of this region to identify the initial bias. Key resistance is at 1.3062, break above this level will signal the reversal to the down trend, and rise above 1.3364 (the day high of Dec 8, 2006) to reach the next cycle top on weekly chart can be seen. Key support is at 1.2865, break below this level will signal the resumption of the down trend, and further fall towards 1.2483 (the day low of Oct 13, 2006) to reach the next cycle bottom on weekly chart can be expected in the next several weeks.

10-02-2007, 10:24	#40
sdotwewen level 2 Join Date: Apr 2006 Posts: 767 Downloads: 0 Uploads: 0 Rep Power: 3	Re: EURUSD long term analysis EURUSD traded in a narrow range between 1.2865 and 1.3062 for 5 weeks. We are waiting for the break out of this region to identify the initial bias. Key resistance is at 1.3062, break above this level will signal the reversal to the down trend, and rise above 1.3364 (the day high of Dec 8, 2006) to reach the next cycle top on weekly chart can be seen. Key support is at 1.2865, break below this level will signal the resumption of the down trend, and further fall towards 1.2483 (the day low of Oct 13, 2006) to reach the next cycle bottom on weekly chart can be expected in the next several weeks.