EURUSD Analysis – February 26, 2011

EURUSD is facing 1.3861 resistance, a break above this level will indicate that a cycle bottom has been formed at 1.3428 level on daily chart, and the uptrend from 1.2874 has resumed, then further rise to 1.4100-1.4200 area could be seen. However, as long as 1.3861 resistance holds, one more fall to 1.3300 is still possible.

For long term analysis, EURUSD had formed a cycle bottom at 1.2874 level on weekly chart. Further rise towards 1.4500-1.5000 area could be expected in next several months.

eurusd daily chart