EURUSD Analysis – April 10, 2010

EURUSD might be forming a cycle bottom at 1.3267 level on daily chart. Key resistance is now located at 1.3590, a break above this level will confirm the cycle bottom, then further rally to test 1.3817 resistance could be seen. Support is at 1.3267, only fall below this level could trigger another fall towards 1.3000 area.

For long term analysis, EURUSD is moving to 1.3000 area to reach next cycle bottom on weekly chart and the next cycle bottom is nearing, a break above 1.3817 will indicate that a cycle bottom has been formed.

eurusd daily chart