EURUSD bounced strongly from 1.2874, suggesting that a cycle bottom had been formed on daily chart. Now the pair is facing 1.3497 key resistance, as long as this level holds, the price action from 1.2969 is treated as consolidation of downtrend from 1.4281 and another fall towards 1.2000 is still possible. However, a break above 1.3497 will indicate that the fall from 1.4281 had completed at 1.2874 already, then the following upward move could bring price back towards 1.4281 previous high.

For long term analysis, EURUSD is in downtrend from 1.4281, deeper decline to 1.1500 area to reach next cycle bottom on weekly chart is still possible.

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