EURUSD formed a cycle top at 1.3738 level on daily chart. Deeper decline is still possible to 1.2950 zone next week. However, the price action from 1.3738 is more likely correction of the uptrend from 1.2456, one more rise towards 1.4500 is possible after correction. Key resistance is now at 1.3582, a break above this level will indicate that the uptrend from 1.2456 has resumed.
For long term analysis, EURUSD is forming a sideways consolidation in a range between 1.2329 (Oct 28, 2008 low) and 1.4719 (Dec 18, 2008 high), moving without trend in this range is expected in next several months.
