FXstreet.com (Jakarta) - Being contained by the previous low support at 1.3112, EURUSD rebounds from 1.3148 level. The rise is treated as consolidation of the short term downtrend from 1.3581. Deeper decline is still possible after consolidation and the next target would be at 1.2900-1.3000 area.

Initial resistance is at 1.3315 and key resistance is at 1.3365, only rise above 1.3365 level will indicate that a short term cycle bottom has been formed at 1.3148 already, then further rebound could be seen to test 1.3581 resistance, said Franco Shao, analyst at ForexCycle.com.