EURUSD Analysis – April 3, 2011

EURUSD is in uptrend from 1.2874, the price action in the trading range between 1.4020 and 1.4248 is treated as consolidation of uptrend. Another rise to test 1.4281 would likely be seen, above this level will target 1.4500 zone. Support is now at 1.4020, only break below this level will indicate that lengthier consolidation of uptrend is underway, then deeper decline could be seen to 1.3850 zone.

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