The correction from 1.3391 completed, EURUSD topped at 1.3553 on daily chart. Further fall towards 1.3200 area can be expected. Near term resistance is at the down trend line from 1.3681 to 1.3553, as long as the trend line resistance holds, down trend will continue. For long term analysis, EURUSD is falling to the next cycle bottom on weekly chart, long term support is at the up trend line from 1.1825 (Feb 27, 2006 low) to 1.2483 (Oct 13, 2006 low), fall towards the up trend line can be seen in the next several weeks.
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