EURUSD stays above a upward trend line on daily chart, and remains in uptrend from 1.2661. As long as the trend line support holds, the fall from 1.3711 could be treated as consolidation of the uptrend. Another rise could be expected after consolidation, and a break above 1.3711 previous high could signal resumption of the uptrend. On the other side, a clear break below the trend line support will suggest that lengthier consolidation of the longer term uptrend from 1.2042 is underway, then deeper decline could be seen to 1.3100 area.
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.
