EURUSD breaks below the lower line of the price channel on daily chart, suggesting that the upward movement from 1.2661 has completed. Further decline would likely be seen, and the target would be at 1.2700-1.2800 area. Resistance is at 1.3200, 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.
