EURUSD Analysis – October 23, 2010

EURUSD has formed a cycle top at 1.4152 level on daily chart. The fall from 1.4152 is treated as consolidation of uptrend from 1.1876. Range trading between 1.3400 and 1.4152 would more likely be seen in a couple of weeks. As long as 1.3400 level holds, we’d expect uptrend to resume and another rise towards 1.4700 is still possible.

For long term analysis, EURUSD is in uptrend from 1.1876. Further rise towards 1.4700 area is expected in next several weeks.

eurusd daily chart