EURUSD failed to break above 1.3171 previous high resistance and pulled back from 1.3125, suggesting that a cycle top had been formed on daily chart, and lengthier consolidation of the uptrend from 1.2042 is underway. Further decline could be expected next week, and next target would be at 1.2750 area. Resistance is now at 1.3125, only break above this level could trigger another rise towards 1.3500.
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 months.
