EURUSD broke below 1.3435 support and formed a cycle top at 1.3817 level on daily chart, suggesting that the long term downtrend from 1.5144 has resumed. Deeper decline is still possible in a couple of weeks and target would be at 1.3000 area. Resistance is at the upper border of the falling price channel, as long as the channel resistance holds, downtrend could be expected to continue. However, a clear break above the channel resistance will indicate that the fall from 1.5144 has completed.
For long term analysis, EURUSD is moving to 1.3000 area to reach next cycle bottom on weekly chart and the next cycle bottom is nearing.
