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After touching 1.3443 previous low, EURUSD bounced from 1.3435, suggesting that a short term cycle bottom is being formed on 4-hour chart. Further rise to test 1.3691 is expected later today, a break above this level will confirm the cycle bottom, then further rally could be seen to 1.3750-1.3800 area. However. The price action from 1.3443 is still treated as consolidation of downtrend from 1.4579, one more fall towards 1.3300 is still possible after consolidation.
Written by ForexCycle.com
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