EURUSD’s upward movement from 1.1876 extended to as high as 1.3106 level. As long as 1.2732 key support holds, further rise to 1.3300-1.3400 area to reach next cycle top on daily chart is possible. However, a breakdown below 1.2732 will suggest that the uptrend from 1.1876 is complete, then the following downtrend could bring price back to 1.2300 area.
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.
