Being contained by the resistance of the downtrend line on 4-hour chart, EURUSD pulled back from 1.3524, suggesting that a cycle top is being formed. Now the fall from 1.3524 would possibly be resumption of downtrend from 1.4548, deeper decline towards 1.3146 is expected later today. On the upside, a clear break above the trend line will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.3700 zone.

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