EURUSD broke below 1.3026 support, suggesting that a cycle top has been formed at 1.3320 on daily chart. Further decline would likely be seen over the next several days, and the first target would be at 1.2800 area. Key resistance is now at 1.3320, only break above this level could trigger another rise towards 1.3600.
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.
