EURUSD has formed a cycle bottom at 1.2642 on 4-hour chart. Range trading between 1.2642 and 1.2900 would likely be seen in a couple of days. As long as 1.2900 resistance holds, the bounce is treated as consolidation of the downtrend from 1.3283, and another fall to re-test 1.2624 (Jan 13 low) support could be expected. On the upside, a break above 1.2900 resistance will indicate that the downtrend from 1.3283 has completed at 1.2642 already, then the following upward movement could bring price back to 1.3200-1.3300 area.
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