EURUSD Analysis – November 21, 2009

EURUSD moved sideways in a range between 1.4626 and 1.5062. Lengthier consolidation in the trading range is possible next week. As long as 1.4626 support holds, another rise towards 1.5200 is still possible after consolidation and a break out of 1.5062 could signal resumption of uptrend. However, below 1.4626 key support may suggest that the rise extended from 1.3748 has completed at 1.5062 level already, then deeper decline could be seen to 1.4100 area.

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