EURUSD broke above 1.2671 key resistance, suggesting that the long term downtrend from 1.5144 has completed at 1.1876 already. Now the pair is in uptrend from 1.1876. Further rally is still possible next week and next target would be at 1.3000 area. Support is at the rising trend line from 1.1876 to 1.2150, now at 1.2304, only a clear break below the trend line support could trigger another fall towards 1.2000 level.
For long term analysis, EURUSD formed a cycle bottom at 1.1876 level on weekly chart. Bounce towards 1.4000 is expected in next several months.
