EURUSD Analysis – April 23, 2011

After a minor consolidation, EURUSD continued its bullish movement, and the rise from 1.2874 extended to as high as 1.4648. Support is at the rising trend line on daily chart, as long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.4700-1.4800 area.

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