EURUSD Analysis – September 29, 2012

EURUSD has formed a cycle top at 1.3171 on daily chart. Range trading between 1.2750 and 1.3171 would likely be seen in a couple of weeks. Support is at 1.2750, as long as this level holds, the fall from 1.3171 is treated as consolidation of the uptrend from 1.2042, and one more rise towards 1.3500 is still possible. On the downside, a breakdown below 1.2750 will suggest that the upward movement from 1.2042 had completed at 1.3171 already, then the following downward movement could bring price back to 1.2500 area.

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