EURUSD Analysis – April 4, 2009

EURUSD formed a cycle top at 1.3738 level on daily chart. Range trading between 1.2950 and 1.3738 could be seen in a couple of weeks. The price action from .3738 is more likely consolidation of the uptrend from 1.2456, one more rise towards 1.4500 zone is possible after consolidation, and a break above 1.3738 previous high will confirm the resumption of uptrend.

For long term analysis, EURUSD is forming a sideways consolidation in a range between 1.2329 (Oct 28, 2008 low) and 1.4719 (Dec 18, 2008 high), moving without trend in this range is expected in next several months.

eurusd daily chart