EURUSD traded in a range between 1.2975 and 1.3486. Key support is at 1.2975, a breakdown below this level will signal resumption of the long term downtrend from 1.4939, then further decline towards 1.2500 could be seen. On the upside, the price action in the range could possibly be consolidation of the uptrend from 1.2624, as long as 1.2975 support holds, one more rise to 1.4000 is still possible after consolidation.
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.
