EURUSD Analysis – May 28, 2011

EURUSD might be forming a cycle bottom at 1.3969 on daily chart. Further rise is still possible next week, and target would be at 1.4500 area. However, the bounce from 1.3969 is treated as consolidation of downtrend from 1.4939, another fall towards 1.3500 is still possible after consolidation.

For long term analysis, EURUSD had formed a cycle top at 1.4939 on weekly chart. Further fall towards 1.1500 is possible in next several months.

eurusd daily chart