EURUSD Analysis – June 6, 2009

EURUSD remains in uptrend from 1.2884. Range trading between 1.3793 and 1.4338 would more likely be seen next week. Initial support is at the rising trend line on daily chart now at 1.3915, below this level will signal deeper decline to test 1.3793 support. As the next cycle bottom is nearing, rebound could be expected before breaking below 1.3700 level. Key resistance is at 1.4338, above this level will indicate that the uptrend from 1.2884 has resumed, and then further rally is expected to 1.4600 zone.

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 1.4400-1.4700 area is expected.

eurusd daily chart