EURUSD Analysis – November 28, 2009

EURUSD stays in a rising price channel on daily chart. Uptrend is expected to continue next week as long as channel support holds, and next target would be at 1.5200-1.5250 area. On the other side, key support is now located at 1.4626, a breakdown below this level will signal completion of uptrend started from 1.3748.

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, next cycle top on weekly chart is nearing, a break below 1.4626 key support will indicate that a long term cycle top has been formed.

eurusd daily chart