EURUSD broke above 1.3497 key resistance, suggesting that the downward movement from 1.4281 had completed at 1.2874 already. Now the rise from 1.2874 could possibly be resumption of long term uptrend from 1.1876 (Jun 7, 2010 low), further rise is expected in a couple of weeks and next target would be at 1.4000 area. Support is at 1.3400, only break below this level could bring price back to 1.3100 zone.
For long term analysis, EURUSD had formed a cycle bottom at 1.2874 level on weekly chart. Another rise towards 1.4500-1.5000 area could be expected in next several months.
