EURUSD broke above 1.4457 key resistance, suggesting that a cycle bottom has been formed on daily chart and the fall from 1.5144 has completed. Bounce to 1.4600 area to reach next cycle top is expected next week. Support level is located at 1.4218, only fall below this level will indicate that the downtrend from 1.5144 has resumed, then another fall could be seen to 1.4000 zone.
For long term analysis, EURUSD has formed a cycle top at 1.5144 level on weekly chart. Pullback towards 1.4000 area to reach next cycle bottom is expected in next several weeks.
