EURUSD Analysis – April 6, 2013

EURUSD may be forming a cycle bottom at 1.2747 on daily chart. Range trading between 1.2747 and 1.3100 would likely be seen in a couple of weeks. Key resistance is at 1.3100, as long as this level holds, the rise from 1.2747 would possibly be consolidation of the downtrend from 1.3711, one more fall to 1.2500 area is still possible. On the upside, a break above 1.3100 resistance will indicate that the downward movement from 1.3711 had completed, then the following upward movement could bring price to 1.4500 zone.

For long term analysis, EURUSD is in uptrend from 1.2042, another rise towards 1.4500 could be expected after consolidation.

eurusd daily chart