EURUSD’s rise from 1.2042 extends to as high as 1.2589. Further rise to test 1.2747 key resistance is still possible next week, as long as this level holds, the rise is treated as consolidation of the downtrend from 1.3486, and one more fall towards 1.1500 is still possible. However, a break above 1.2747 resistance will indicate that the downtrend has completed at 1.2042 already, then further rally to 1.3000 area could be seen.
For long term analysis, EURUSD is in downtrend from 1.4938 (2011 high). Further decline towards 1.1500 area could be expected over the next several weeks.
