EURUSD may be forming a cycle top at 1.2466 level on 4-hour chart. Deeper decline to test 1.2241 key support could be seen later today, a breakdown below this level will confirm the cycle top and indicate that the rise from 1.1876 has completed, then the following downward movement could bring price to 1.2050-1.2100 area. However, as long as 1.2241 key support holds, one more rise towards 1.2550 area is still possible.

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