EURUSD's bounce extended to 1.3795 only. The following pullback suggests that a cycle top is being formed on 4-hour chart. Now the fall from 1.0154 could possibly be resumption of downtrend from 15144 (Nov 25, 2009 high), another fall to 1.3200-1.3300 area may be expected and a breakdown below 1.3530 could confirm such case. However, above 1.3795 will indicate that the pair remains in upward movement from 1.3435, then further rally could be seen to 1.3850 or even 1.3935.

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