EURUSD Analysis – June 13, 2009

EURUSD is forming a cycle bottom at 1.3804 level on daily chart. Range trading between 1.3793 and 1.4338 is expected next week. Key resistance is at 1.4338, a break above this level will confirm the cycle bottom, and then further rally could be seen to 1.4600-1.4700 area. However, below 1.3793 key support will indicate that the uptrend from 1.2884 has completed at 1.4338 already, and the following pullback will take price to 1.3450-1.3500 area.

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