EURUSD’s upward movement from 1.2661 extends to as high as 1.3479. Support is now at 1.3340, followed by the upward trend line on daily chart. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.3600-1.3700 area, only a clear break below the trend line could signal completion of the uptrend.
For long term analysis, EURUSD had formed a cycle bottom at 1.2042 on weekly chart. Further rise towards 1.4000 could be expected over the next several months.
