EURUSD’s bounce from 1.2624 extended to as high as 1.3233. Further rise is still possible next week, and next target would be at 1.3500 area. Key resistance is at 1.3700, as long as this level holds, the rise is treated as consolidation of downtrend from 1.4939, and another fall towards 1.1500 is still possible after consolidation.
For long term analysis, EURUSD is in downtrend from 1.4939 (May 4, 2011 high). Further decline towards 1.1500 area is expected over the next several months.
