EURUSD continues its downward trend

Franco Shao from ForexCycle.com at 12/09/09

 

EURUSD continues its downward trend from 1.5144 and the fall extends further to as low as 1.4668 level. Deeper decline is still possible later today and target is to test 1.4626 key support, a breakdown below this level will indicate that the longer term uptrend from 1.3748 (June 16 low) has completed at 1.5144 already. However, next short term cycle bottom is nearing, consolidation would more likely be seen before breaking below 1.4626 level.