EURUSD might be forming a short term cycle top at 1.4277 level on 4-hour chart. Key support is now located at 1.4156, a break down below this level will confirm the cycle top and indicate that the uptrend from 1.3832 has completed at 1.4277 level already, then deeper decline could be seen to follow and target would be at 1.4050-1.4100 area. However, above 1.4277 level will suggest that the uptrend from 1.3832 has resumed and further rally is expected to test 1.4338 previous high resistance.