EURUSD rebounds from 1.4086

After breaking below the support of the up trend line from 1.3832 to 1.4007, EURUSD rebounds from 1.4086 and breaks above 1.4218 key resistance, suggesting that a short term cycle bottom has been formed at 1.4086 level on 4-hour chart. Range trading between 1.4086 and 1.4350 is expected in a couple of days. However, the rise from 1.4086 is more likely consolidation of downtrend from 1.4447, deeper decline to 1.3900 zone is still possible after consolidation.
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