EURUSD is in medium term downtrend. Deeper decline to 1.2350-1.2400 area to reach the next cycle bottom on daily chart is still possible next week. The price action from 1.2764 is more likely falling wedge pattern, a clear break above the upper border of the wedge pattern will indicate that the fall from 1.4719 has completed, and further rise above 1.2991 key resistance will confirm the resumption of medium uptrend.
For long term analysis, EURUSD formed a cycle bottom at 1.2329 level on weekly chart. Consolidation in a range between 1.2329 and 1.4719 would more likely be seen in next several months.
