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EURUSD breaks below 1.3258 support

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October 22nd, 2008, 3:45 pm | By forexcycle | Published in Weekly Technical | Comments on this postNo Comments »

EURUSD breaks below 1.3258 support and the down trend from 1.6038 extends further to as low as 1.3001 level. Deeper decline towards 1.2500 zone to reach next cycle bottom on daily chart is still possible in next several days. Initial resistance is now at 1.3785 and followed by the down trend line from 1.6038 to 1.4867, only rise above 1.3785 will signal reversal to the down trend.

For long term analysis, EURUSD remains in long term bearish movement, further fall towards 1.2500 zone to reach next cycle bottom on weekly chart is expected in a couple of weeks.

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forexcycle Forex Cycle. See more Forex Analysis from forex cycle.

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