EURUSD continues its upward movement from 1.2042, and the rise extends to as high as 1.2636. Further rise to test 1.2747 key resistance could be expected, a break above this level will signal completion of the downtrend from 1.3486, then next target would be at 1.3000 area. On the downside, as long as 1.2747 level holds, the rise could be treated as consolidation of the downtrend, and another fall towards 1.1500 is still possible.
For long term analysis, EURUSD may be forming a cycle bottom at 1.2042 on weekly chart, key resistance is located at 1.2747, a break above this level will confirm the cycle bottom.
