EURUSD Analysis – January 29, 2011

EURUSD remains in uptrend from 1.2874 and the rise extended to as high as 1.3757 level. Further rise towards 1.4281 previous high is still possible next week. Support is at 1.3450, only break below this level could indicate that a cycle top has been formed at 1.3757 level on daily chart and the rise from 1.2874 is complete.

For long term analysis, EURUSD had formed a cycle bottom at 1.2874 level on weekly chart. Another rise towards 1.4500-1.5000 area could be expected in next several months.

eurusd daily chart