EURUSD Analysis – November 14, 2009

EURUSD stays in a trading range between 1.4626 and 1.5062. Sideways movement in the range is expected next week. However, price action from 1.5062 is more likely consolidation of uptrend from 1.3748, as long as 1.4626 support holds, we’d expect uptrend to resume, and one more rise towards 1.5200 is still possible after consolidation. Support level is now located at 1.4626, only fall below this level will indicate that the rise from 1.3748 has completed at 1.5062 level already, then decline towards 1.4000 area could be seen to follow.

For long term analysis, EURUSD remains in long term bullish movement from 1.2456, further rise is still possible to 1.5200-1.5500 area. However, a break below 1.4484 key support will indicate that a long term cycle top has been formed on weekly chart.

eurusd daily chart