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EURUSD broke above 1.4843

Franco Shao from ForexCycle.com at 10/18/09


EURUSD broke above 1.4843 previous high and reached as high as 1.4966 level, suggesting that the uptrend from 1.3748 (June 16 low) has resumed. Another rise towards 1.5100-1.5200 area is expected in a couple of weeks. Support level is now at 1.4650 and key support is located at the lower border of the rising price channel on daily chart, as long as the channel support holds, we'd expected uptrend to continue. However, the pair is presently facing resistance of the upper border of the price channel, minor consolidation could be seen after touching the channel resistance.

For long term analysis, EURUSD remains in long term bullish movement from 1.2456, further rise is possible to 1.5200-1.5500 area in next several weeks.

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