EURUSD Analysis – September 15, 2012

EURUSD continues its upward movement from 1.2042, and the rise extends to as high as 1.3168. Further rise could be expected next week, and next target would be at 1.3400 area. Support levels are now at 1.2940 and 1.2830, as long as these levels hold, the uptrend will continue.

For long term analysis, EURUSD had formed a cycle bottom at 1.2042 on weekly chart. Further rise towards 1.4000 could be expected over the next several weeks.

eurusd daily chart