EURUSD is forming a sideways consolidation in a range between 1.3051 and 1.3364. Further rally towards 1.3364 previous high can be expected next week. Near term support is at 1.3051, break below this level will indicate lengthier consolidation is underway and delay the resumption of up trend. For long term analysis, the pair is in consolidation of the up trend and further rise above 1.3668 (the top of 2004) to reach the next cycle top on weekly chart is still possible in the next several weeks. We predict the next cycle top on weekly chart would appear after January 2007.
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