Being contained by 1.4281 resistance, EURUSD pulled back from 1.4248, suggesting that a cycle top is being formed on daily chart. Range trading between 1.3900 and 1.4248 would likely be seen next week. However, the fall from 1.4248 is treated as consolidation of uptrend from 1.2874, another rise towards 1.4500 is still possible after consolidation, and a break above 1.4248 will signal resumption of uptrend.
For long term analysis, EURUSD had formed a cycle bottom at 1.2874 level on weekly chart. Further rise towards 1.4500-1.5000 area could be expected in next several months.
