EURUSD breaks below 1.2288 previous low, suggesting that the downtrend from 1.3486 has resumed. Further decline could be expected next week, and next target would be at 1.2000. Resistance levels are at 1.2500 and 1.2747, only break above these levels could signal completion of the downtrend.
For long term analysis, EURUSD has formed a cycle top at 1.3486 on weekly chart. Further decline towards 1.1500 area is expected over the next several months.
