EURUSD has formed a cycle top at 1.3497 level on daily chart. Deeper decline is expected next week and next target would be at 1.2800 area. Initial resistance is at 1.3200 followed by 1.3350, only break above these levels could indicate that lengthier consolidation of downtrend is underway, then another rise to 1.3600 zone could be seen.
For long term analysis, EURUSD had formed a cycle top at 1.4281 level on weekly chart. Deeper decline towards 1.1876 previous low is expected in next several weeks.
