After touching the downtrend line from 1.4281 to 1.3785, EURUSD pulled back from 1.3437, suggesting that a cycle top is being formed on 4-hour chart. Key resistance is now at 1.3437, as long as this level holds, downtrend from 1.4281 is expected to continue and another fall to 1.2800 could be seen. However, a break above 1.3437 will indicate that lengthier consolidation of downtrend is underway, then further rise to 1.3600 could be seen.

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