EURUSD moves sideways in a range between 1.2803 and 1.3171. The price action in the range is treated as consolidation of the uptrend from 1.2042. Lengthier consolidation in the range would likely be seen next week. Key resistance is at 1.3171, a break above this level could signal resumption of the uptrend, then further rise towards 1.3500 could be seen to follow. Key support is at 1.2803, only break below this level could indicate that the rise from 1.2042 had completed at 1.3171 already, then the following downward movement could bring price to 1.2600 zone.
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.
