EURUSD Analysis – October 22, 2011

EURUSD is in uptrend from 1.3146, the price action from 1.3914 is treated as consolidation of uptrend. Further rise could be seen after consolidation, and next target would be at 1.4200-1.4300 area. Support levels are at 1.3500 and 1.3146.

For long term analysis, EURUSD has formed 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