EURUSD Analysis – June 1, 2013

EURUSD failed to break below 1.2747 support, and rebounded from 1.2796, suggesting that lengthier sideways movement in a range between 1.2747 and 1.3242 is underway. Further rise to test 1.3242 resistance would likely be seen next week, as long as this level holds, the price action in the trading range could be treated as consolidation of the downtrend from 1.3711, one more fall to 1.2250 area is still possible. On the upside, a break above 1.3242 resistance will confirm that the downward movement from 1.3711 had completed at 1.2747 already, then next target would be at 1.3500 zone.

For long term analysis, EURUSD is in uptrend from 1.2042 (Jul 24, 2012 low), another rise towards 1.4500 could be expected after consolidation.

eurusd daily chart