EURUSD Analysis – November 3, 2012

EURUSD is facing 1.2803 support, a breakdown below this level will indicate that lengthier consolidation of the uptrend from 1.2042 is underway, then deeper decline to 1.2600-1.2700 area to complete the consolidation could be seen. Resistance is at 1.3000, only break above this level could trigger another rise towards 1.3500.

For long term analysis, EURUSD had formed a cycle bottom at 1.2042 on weekly chart. Further rise towards 1.4000 could be expected over the next several weeks.

eurusd daily chart