Being contained by 1.3497 resistance, EURUSD pulled back from 1.3456, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.3200 and 1.3456 is expected in a couple of days. However, the fall is likely consolidation of uptrend from 1.2874, one more rise to re-test 1.3497 key resistance is still possible, a break above this level could indicate that the longer term downtrend from 1.4281 (Nov 4, 2010 high) had completed at 1.2874 already, then the following bullish move could bring price towards 1.4281 previous high.

eurusd