EURUSD Analysis – February 25, 2012

EURUSD breaks above 1.3320, suggesting that the uptrend from 1.2624 has resumed. Further rise could be expected over the next several days, and next target would be at 1.3700 area. Support is now at upward trend line on daily chart, as long as the trend line support holds, the uptrend will continue.

For long term analysis, EURUSD is in downtrend from 1.4939 (May 4, 2011 high). Further decline towards 1.1500 area is expected over the next several months.

eurusd daily chart