EURUSD’s rise from 1.3003 extended to as high as 1.3385. Further rise to test 1.3486 resistance would likely be seen next week, as long as this level holds, the rise could be treated as correction of the downtrend from 1.3486, and another fall towards 1.2624 previous low is possible. However, a break above 1.3486 could signal resumption of the uptrend from 1.2624, then next target would be at 1.3600-1.3700 area.
For long term analysis, EURUSD may be forming a cycle top at 1.3486 on weekly chart. Further decline towards 1.1500 area is expected over the next several months.
