EURUSD Analysis – April 9, 2011

After a minor consolidation, EURUSD broke above 1.4281 resistance and reached as high as 1.4487. Further rise is expected in a couple of weeks, and next target would be at 1.4700-1.4800 area. Support is at 1.4300, as long as this level holds, uptrend will continue.

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

eurusd daily chart