EURUSD’s bounce from 1.2624 extended to as high as 1.3320. Further rise is still possible next week, and next target would be at 1.3500-1.3600 area. Key support is at 1.3026, only break below this level could indicate that a cycle top has been formed at 1.3320 on daily chart, and the rise from 1.2624 has completed, then another fall towards 1.2000 could be seen.
For long term analysis, EURUSD is in downtrend from 1.4939 (May 4, 2011 high). Further decline towards 1.1500 area is expected over the next several months.
