EURUSD Analysis – October 15, 2011

EURUSD broke above the downtrend line on daily chart, and reached as high as 1.3894, suggesting that the fall from 1.4548 had completed at 1.3146 already. Further rise is still possible after consolidation, and next target would be at 1.4200-1.4300 area.

For long term analysis, EURUSD is forming a cycle bottom at 1.3146 on weekly chart. Further rise towards 1.5000 would likely be seen in next several weeks.

eurusd daily chart
eurusd weekly chart