EURUSD is trading in a range between 1.2329 and 1.3290. A break down below 1.2329 will signal deeper decline towards 1.2000 zone. Key resistance is located at 1.3290, rise above this level will indicate that the down trend from 1.6038 (July 15 high) has completed, and then further rally could be seen to test the resistance of the down trend line from 1.6038 (July 15 high) to 1.4867.
For long term analysis, EURUSD remains in long term down trend. Deeper decline to 1.2000 zone to reach the next cycle bottom on weekly chart is still possible.
