EURUSD pulled back from 1.3711, suggesting that a cycle top had been formed on daily chart. Deeper decline would likely be seen next week, and the target would be at the upward trend line. As long as the trend line support holds, the fall from 1.3711 could be treated as consolidation of the uptrend from 1.2661, and another rise towards 1.4000 is still possible. On the downside, a clear break below the trend line support will indicate that lengthier consolidation of the longer term uptrend from 1.2042 is underway, then further decline to 1.3100 area could be seen.
For long term analysis, EURUSD had formed a cycle bottom at 1.2042 on weekly chart. Further rise towards 1.4500 could be expected over the next several months.
