EURUSD breaks above 1.3290 long term key resistance, suggesting that the down trend from 1.6038 (July 17 high) has terminated. Further rally is still possible to 1.3850-1.4000 area in next several days. Initial support is located at 1.3100, only fall below this level will signal consolidation of up trend.
For long term analysis, EURUSD breaks above the key resistance at 1.3290, signifying that a cycle bottom has been formed at 1.2329 level on weekly chart. Further rise is expected to 1.4200 or even higher.
