EURUSD Analysis – March 3, 2013

EURUSD’s downward movement from 1.3711 extends to as low as 1.2966. Further decline is still possible and next target would be at 1.2800 area. Resistance is at 1.3200, only break above this level will indicate that a cycle bottom has been formed on daily chart, and the fall from 1.3711 has completed, then another rise towards 1.4000 could be seen.

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