EURUSD’s upward movement from 1.2661 extends to as high as 1.3027. Further rise to test 1.3171 resistance would likely be seen, a break above this level will confirm that the uptrend from 1.2042 has resumed, then the target would be at 1.4000 area. Support is at 1.2880, only break below this level could indicate that a cycle top is being formed on daily chart, then deeper decline to test 1.2661 support could be expected.
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.
