EURUSD dropped sharply from 1.3333 and the fall extended to as low as 1.2749, suggesting that a cycle top had been formed on daily chart, and the rise from 1.1876 had completed at 1.3333 already. The pair is now in downtrend, deeper decline is still possible in a couple of weeks and next target would be at 1.2600 area.
For long term analysis, EURUSD formed a cycle top at 1.3333 level on weekly chart. Range trading between 1.2400 and 1.3333 is expected in next several weeks. However, the fall is treated as correction of uptrend from 1.1876, another rise towards 1.4000 is still possible after correction.
