EURUSD’s up trend remains and rise sharply to as high as 1.5687 level. As long as the up trend line from 1.4778 to 1.5281 support holds, rise to 1.5800 area to reach the next cycle top on daily chart is still possible. However, the next cycle top in nearing, a break down of the key support at 1.5145 will confirm the cycle top and then pullback to 1.4800 area is expected to follow.
For long term analysis, EURUSD is moving to the next long term cycle top on weekly chart, and the next cycle top is nearing. Long term key support is now at 1.4438, a break below this level will indicate that the long term up trend from 1.1639 (Nov 2005 low) has completed, and pull back to 1.4000 area is expected to follow.
