EURUSD has formed a cycle bottom at 1.2523 level on 4-hour chart. Further rally would more likely be seen later today and next target would be at 1.2800 area. On the downside, the pair is facing the upper border of a price channel again, if the channel resistance holds, pullback to test 1.2523 key support is possible, below this level will indicate that the rise from 1.2150 is complete, then the following downward movement could bring price back to the lower border of the channel.

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