EURUSD broke below the rising price channel on daily chart, signaling a change in trend. Bearish movement is expected to continue next week and next target would be at 1.3000 area. Resistance is at the downtrend line from 1.4281 to 1.3785, only a clear break above the trend line resistance could indicate that consolidation of downtrend is underway.
For long term analysis, EURUSD has formed a cycle top at 1.4281 level on weekly chart. Deeper decline towards 1.1876 previous low is expected in next several weeks.
