EURUSD rebounded strongly from 1.2969, suggesting that a cycle bottom had been formed on daily chart. However, the bounce is likely consolidation of downtrend from 1.4281. Range trading between 1.2969 and 1.3550 is expected in a couple of weeks.
For long term analysis, EURUSD had formed a cycle top at 1.4281 level on weekly chart. Deeper decline towards 1.1876 previous low is expected in next several weeks.
