EURUSD Analysis – March 12, 2011

EURUSD remains in uptrend from 1.2874, the fall from 1.4035 is treated as consolidation of uptrend. Further rise is still possible next week, and next target would be at 1.4200 area. Support is at 1.3750 followed by 1.3600, as long as these levels hold, uptrend will continue.

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

eurusd daily chart