EURUSD’s upward movement from 1.2747 extends to as high as 1.3138, suggesting that a cycle bottom had been formed on daily chart, and the downward movement from 1.3711 had completed. Further rise could be expected, and next target would be at 1.3300 area. Support is at 1.3000, only break below this level will indicate that consolidation of the uptrend from 1.2747 is underway, then pullback to 1.2800 – 1.2900 area could be seen.
For long term analysis, EURUSD is in uptrend from 1.2042, another rise towards 1.4500 could be expected after consolidation.
