EURUSD breaks below 1.2803 support and reaches as low as 1.2690, suggesting that lengthier consolidation of the uptrend from 1.2042 is underway. Deeper decline is still possible next week, and next target would be at 1.2600 area. Resistance is now located at 1.2880, only break above this level could trigger another rise to test 1.3171 previous high resistance.
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.
