EURUSD breaks below the upward trend line on 4-hour chart, suggesting that the upward movement from 1.2624 has completed at 1.3486 already. Now the fall from 1.3486 would possibly be resumption of the downtrend from 1.4939 (May 4, 2011 high). Further decline would likely be seen next week, and next target would be at 1.2800 area. Key resistance is now at 1.3486, only break above this level could signal resumption of the uptrend.
For long term analysis, EURUSD is forming a cycle top at 1.3486 on weekly chart. Further decline towards 1.1500 area is expected over the next several months.
