EURUSD breaks above 1.4072 resistance

By: Forex Cycle
EURUSD breaks above 1.4072 resistance and reaches as high as 1.4134 level. Further rally is still possible to test 1.4197 resistance. However, 1.4197 level will more likely be held and downtrend could be expected to resume before breaking above this level. Key support is now at 1.4000, a break down below this level will indicate that a short term cycle top has been formed on 4-hour chart, then the following downtrend will take price to test 1.3832 previous low support.