EURUSD rebounds from 1.2884

by: Forex Cycle
EURUSD rebounds from 1.2884, suggesting that a cycle is being formed on daily chart. Further rise is expected to test 1.3392 key resistance next week. A break above this level will confirm the cycle bottom and indicate that the fall from 1.3738 has completed, and then the following uptrend will take price to 1.4100-1.4200 area. For long term analysis, EURUSD is forming a sideways consolidation in a range between 1.2329 (Oct 28, 2008 low) and 1.4719 (Dec 18, 2008 high), moving without trend in this range is expected in next several months.