EURUSD’s downward movement from 1.4246 extended to as low as 1.3484, the subsequent bounce suggested that a cycle bottom was being formed on daily chart. Further rise could be expected in a couple of weeks, and target would be at 1.4000-1.4100 area. Support is at 1.3484, only break below this level could trigger another fall towards 1.3146.
For long term analysis, EURUSD had formed a cycle bottom at 1.3146 on weekly chart. Further rise towards 1.5000 would likely be seen over the next several weeks.
