EURUSD Analysis – February 3, 2013

EURUSD continues its upward movement from 1.2661, and the rise extends to as high as 1.3711. Further rise could be expected after a minor consolidation, and next target would be at 1.3800-1.3900 area. Support levels are at 1.3480 and 1.3340, and the key support is located at the upward trend line on daily chart, only a clear break below the trend line could signal completion of the uptrend.

For long term analysis, EURUSD had formed a cycle bottom at 1.2042 on weekly chart. Further rise towards 1.4500 could be expected over the next several months.

eurusd daily chart