EURUSD might be forming a cycle top at 1.3006 level on 4-hour chart, key support is at 1.2871, a breakdown below this level will confirm the cycle top, then deeper decline to the lower border of the price channel could be seen. As long as the channel support (now at 1.2710) holds, the price action from 1.3006 is treated as consolidation of uptrend from 1.2150, and another rise to 1.3500 is still possible.

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