Being contained by the upper border of the price channel on daily chart, EURUSD pulled back from 1.4535, suggesting that a cycle top is being formed. Range trading between 1.4050 and 1.4535 would likely be seen in a couple of weeks. On the upside, a clear break above the channel resistance will indicate that the uptrend from 1.3837 has resumed, then next target would be at 1.4800 area.
For long term analysis, EURUSD is in consolidation of uptrend from 1.1876 (2010 low). Range trading between 1.3837 and 1.4939 is expected in next several weeks.
