EURUSD Analysis – June 26, 2010

EURUSD’s bounce from 1.1876 extended to as high as 1.2466. Another rise towards 1.2671 key resistance is expected after a minor consolidation, a break above this level will indicate that the long term downtrend from 1.5144 has completed at 1.1876 already, then the following uptrend could bring price back to 1.4700 area.

For long term analysis, EURUSD might be forming a cycle bottom at 1.1876 level on weekly chart, key resistance is at 1.2671, a break above this level will confirm the cycle bottom.

eurusd daily chart
eurusd weekly chart