EURUSD’s fall from 1.4696 reached 1.4073 only. Sideways movement would likely be seen next week, and the trading range would be between 1.3969 and 1.4696. Key support is at 1.3969, a breakdown below this level will trigger another fall towards 1.3500. Key resistance is at 1.4696, above this level will indicate that the long term uptrend from 1.1876 (Jun 7, 2010 low) has resumed, then next target would be at 1.5500.
For long term analysis, EURUSD had formed a cycle top at 1.4939 on weekly chart. Further fall towards 1.1500 is possible in next several months.
