EURUSD traded in a range between 1.2706 and 1.3329 for several weeks. The price action in the trading range is more likely consolidation of the medium term downtrend from 1.4719. Further fall is still possible to 1.2500 zone after consolidation, and a break below 1.2706 level will confirm the resumption of the downtrend.
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.
