EURUSD Analysis – Sep 27, 2008

EURUSD rebounded to 1.4867 level and is now in up trend. Initial support is at 1.4450 and followed by 1.4260, as long as 1.4450 support holds, we’d expect up trend to continue and further rally could be seen to 1.5200 zone after consolidation.

For long term analysis, EURUSD formed a cycle bottom at 1.3881 on weekly chart. Consolidation in a range between 1.3881 and 1.6038 (July 15 high) is expected in next few months.

eurusd daily chart