EURUSD broke below 1.2732 support level and the fall from 1.3333 extended to as low as 1.2663. Deeper decline is still possible and the target for next week would be at 1.2500 area. Resistance is at 1.2930, as long as this level holds, downtrend from 1.3333 could be expected to continue.
For long term analysis, EURUSD formed a cycle top at 1.3333 level on weekly chart. Pullback to 1.2200 is expected in next several weeks. However, the fall is treated as correction of uptrend from 1.1876, another rise towards 1.4000 is still possible after correction.
