EURUSD Analysis – April 16, 2011

EURUSD remains in uptrend from 1.2874, and the rise extended to as high as 1.4519. Further rise could be seen in a couple of weeks, and next target would be at 1.4700-1.4800 area. Support is at 1.4300, followed by 1.4100, only break below these levels could indicate that the rise from 1.2874 is complete.

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