EURUSD Analysis – September 5, 2009

No changed in our view, EURUSD stays in a rising price channel and remains in uptrend from 1.3748. Near term support is at the lower border of the rising price channel, as long as the channel support holds, we’d expect uptrend to continue and further rise to 1.4500-1.4600 area is possible. Key support is now located at 1.4045, below this level will take price back to 1.3800 zone.

For long term analysis, EURUSD remains in long term uptrend from 1.2456, and the price action from 1.4338 is treated as consolidation of uptrend, further rise to 1.5000 zone is expected after consolidation.

eurusd daily chart