EURUSD might be forming a cycle top at 1.4579

  @ibtimes on January 15 2010 11:06 PM

EURUSD might be forming a cycle top at 1.4579 level on daily chart. Fall to test 1.4218 support is expected next week, a breakdown below this level will confirm the cycle top and indicate that the downtrend from 1.5144 has resumed, then next target would be at 1.4000 zone. Resistance is at 1.4579, only rise above this level will suggest lengthier consolidation of downtrend is underway.

For long term analysis, EURUSD has formed a cycle top at 1.5144 level on weekly chart. Fall towards 1.4000 area to reach next cycle bottom is expected in next several weeks.

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