EURUSD breaks below 1.3793 key support, suggesting that a cycle top has been form at 1.4338 level on daily chart and the uptrend from 1.2884 has completed. Deeper decline is now in favor and first target would be at 1.3500 zone. Key resistance is now at 1.4338, only rise above this level will indicate that the uptrend from 1.2456 has resumed.
For long term analysis, EURUSD might be forming a cycle top at 1.4338 level on weekly chart. Further fall towards 1.2700 zone to reach the next cycle bottom would more likely be seen.
