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EURUSD is in short term downtrend

Wed, Jan 7 2009, 01:18 GMT
by Franco Shao

ForexCycle.com


EURUSD is in short term downtrend. The fall from 1.4360 extends to 1.3313 level. Deeper decline is still possible in a couple of days, and target would be at 1.3200 zone. Key resistance is located at 1.3658, a break above this level will indicate that a short term cycle bottom has been formed, and further rebound could be seen to 1.3850 zone.


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