EURUSD Analysis – December 15, 2012

EURUSD breaks above 1.3171 resistance, suggesting that the uptrend from 1.2042 has resumed. Further rise could be expected next week, and next target would be at 1.3400 area. Support levels are at 1.3000 and 1.2875, only break below these levels could trigger another fall towards 1.2500.

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 months.

eurusd daily chart