EURUSD might be forming a cycle top at 1.3738 on daily chart. Key support is now located at 1.3250, a break below this level will confirm the cycle top and deeper decline could then be seen to 1.2950 or even lower to 1.2700-1.2800 area. Near term resistance is at 1.3738, above this level will suggest that the medium term uptrend from 1.2456 has resumed and further rise to 1.4300 zone is expected to follow.
For long term analysis, EURUSD is in range trading between 1.2329 and 1.4719. Rebound to 1.4000 zone to reach the next cycle top on weekly chart is expected.
