EURUSD Analysis – October 29, 2011

EURUSD’s rise from 1.3146 extended to as high as 1.4246. Further rise is still possible next week and next target would be at 1.4500 area. Support is at 1.3800, only break below this level could indicate that the rise from 1.3146 is complete.

For long term analysis, EURUSD had formed a cycle bottom at 1.3146 on weekly chart. Further rise towards 1.5000 would likely be seen over the next several weeks.

eurusd daily chart