EURUSD is in down trend, and the fall from 1.5818 extends to as low as 1.5410. Deeper decline could be seen to test 1.5284 previous low support in a couple of days, and break below this level to reach the next cycle bottom on daily chart is expected to follow. Initial resistance is at 1.5628, and key resistance is at 1.5818, only break of 1.5818 level will signal reversal to down trend.
For long term analysis, EURUSD broke below 1.5342 long term key support and is now in down trend. Deeper decline to 1.5000 area to reach the next cycle bottom on weekly chart is expected after correction.
