EURUSD remains in downtrend from 1.4579. As long as 1.3838 resistance holds, downtrend could be expected to continue and deeper decline to 1.3400 area to reach next cycle bottom on daily chart is possible next week. However, next cycle bottom is nearing, a break above 1.3838 key resistance will confirm that a cycle bottom has been formed and the fall from 1.4579 has completed.
For long term analysis, EURUSD has formed a cycle top at 1.5144 level on weekly chart. Fall towards 1.3000 area to reach next cycle bottom is expected in next several weeks.
