EURUSD remains in downtrend from 1.3711, the rise from 1.2843 is likely consolidation of the downtrend. Another fall to 1.2750 area would likely be seen next week. Key resistance is now at 1.3100, only break above this level could indicate that a cycle bottom has been formed at 1.2843 on daily chart, and the downtrend from 1.3711 has completed.
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.
