EURUSD rebounds sharply yesterday, suggesting lengthier sideways consolidation in a range between 1.2329 and 1.3290 is underway, and the resumption of down trend will be delayed. Key support is located at 1.2329, only break down below this level will signal deeper decline towards 1.2000 zone.
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.
