EURUSD bounces strongly from 1.2661, suggesting that a cycle bottom has been formed on daily chart. Further rise could be expected next week, and next target would be at 1.3100-1.3150 area. Support is at 1.2800, only break below this level could trigger another fall towards 1.2500.
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.
