EURUSD breaks above the resistance of the upper line of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 1.2042, and the fall from 1.2747 (Jun 18 high) has completed. Further rally could be expected over the next several days, and the target would be at 1.2400-1.2500 area. Key support is at 1.2042, only break below this level could trigger another fall towards 1.1876 (2010 low).
