EURUSD is in up trend, and further rise towards 1.3200 level can be expected in the next several days, a break above the key resistance at 1.3062 will confirm such case. Key support is at 1.2865, only break below this level may signal the resumption of the down trend. For long term analysis, the previous low support at 1.2865 is the most important level in our view. A break below this level indicates the long term bearish movement is underway and fall towards 1.2500 level to reach the next cycle bottom on weekly chart can be expected. On the other side, if 1.2865 support holds, the trend remains up, rise above 1.3364 level to reach the next cycle top on weekly chart is still possible in the next several weeks, break and close above the falling price channel will signal the resumption of the up trend.
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