EURUSD Analysis – May 23, 2009

EURUSD remains in uptrend from 1.2884. Further rally is expected to 1.4150-1.4200 area next week. Initial support is at 1.3800, and followed by the rising trend line on daily chart now at 1.3590. As long as the pair stays above the trend line support, uptrend will continue.

For long term analysis, EURUSD stays in a trading range between 1.2329 (Oct 28, 2008 low) and 1.4719 (Dec 18, 2008 high). Rebound towards 1.4400-1.4500 area is expected in next several weeks.

eurusd daily chart