EURUSD failed to break below 1.2747 support, and rebounded strongly from 1.2756, suggesting that the downward movement from 1.3415 had completed. Further rise to test 1.3415 resistance would likely be seen, a break above this level will indicate that the long term uptrend from 1.2042 (Jul 24, 2012 low) has resumed, then next target would be at 1.4500 zone. On the downside, as long as 1.3415 resistance holds, the price action in the trading range between 1.2747 and 1.3415 would possibly be consolidation of the downtrend from 1.3711, another fall to 1.2500 area is still possible after consolidation.
