EURUSD broke below 1.2241 support, suggesting that a cycle top has been formed at 1.2466 level on 4-hour chart. However, the fall from 1.2466 extends to 1.2209 only, the subsequent bounce indicate that another cycle bottom is being formed. Range trading between 1.2209 and 1.2466 would more likely be seen in a couple of days. Support is now at 1.2209, below this level will confirm that the uptrend from 1.1876 has completed at 1.2466 already, then the following downward movement could bring price to 1.2050-1.2100 area. Key resistance is at 1.2466, above this level will signal resumption of uptrend from 1.1876, then next target would be at 1.2700 or even 1.2800.

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