EURUSD Analysis – October 30, 2010

EURUSD stays in a trading range between 1.3698 and 1.4152. Lengthier sideways movement in the range could be seen next week, and the price action in the range is more likely consolidation of uptrend. As long as 1.3698 support holds, we’d expected uptrend to resume and one more rise towards 1.4700 is still possible after consolidation.

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