EURUSD Analysis – February 23, 2013

EURUSD breaks below the upward trend line on daily chart, suggesting that lengthier consolidation of the uptrend from 1.2042 is underway. Further decline is still possible next week, and the target would be at 1.3000-1.3050 area. Key resistance is at 1.3440, only break above this level could trigger another rise towards 1.4000.

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