EURUSD Analysis – September 9, 2012

EURUSD breaks above 1.2747 key resistance, suggesting that the downtrend from 1.3486 has completed at 1.2042 already. Further rise could be expected after a minor consolidation, and next target would be at 1.3000 area. Support is now located at the upward trend line on daily chart, as long as the trend line support holds, uptrend will continue.

For long term analysis, EURUSD had formed a cycle bottom at 1.2042 on weekly chart. Further rise towards 1.3500 could be expected over the next several weeks.

eurusd daily chart