EURUSD remains in downtrend from 1.3711. Resistance is at 1.3200, as long as this level holds, the downtrend could be expected to continue, and further decline to 1.2750 area could be expected. On the upside, a break above 1.3200 will suggest that a cycle bottom has been formed on daily chart, and the fall from 1.3711 has completed, then another rise towards 1.4000 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.
