Franco Shao, chief analyst at ForexCycle.com - "EURUSD breaks above the
resistance of the down trend line, and might be forming a short term
cycle bottom at 1.3443 level on 4-hour chart. Sideways consolidation in
a range between 1.3443 and 1.3906 would be seen in a couple of days. As
long as 1.3906 resistance holds, the rise from 1.3443 is treated as
correction to down trend, and deeper decline could be seen to 1.3200
zone after consolidation. Only rise above 1.3906 will indicate that the
fall from 1.4867 has completed."