EURUSD stays in a trading range between 1.2803 and 1.3171. The price action in the range is likely consolidation of the uptrend from 1.2042. Support is at 1.2803, as long as this level holds, uptrend could be expected to resume, and another rise towards 1.3500 is still possible after consolidation. On the downside, a breakdown below 1.2803 will indicate that the rise from 1.2042 has completed at 1.3171, then deeper decline to 1.2700 area. Could be seen.
For long term analysis, EURUSD had formed a cycle bottom at 1.2042 on weekly chart. Further rise towards 1.4000 could be expected over the next several weeks.
