EURUSD is forming a cycle top at 1.5908 on daily chart. Key support is located at 1.5535 level, a break below this level will confirm the cycle top and encourage further pullback to retest 1.5302 previous low support. Initial resistance is at 1.5908, only break of this level will take price back to test 1.6019 long term resistance.
For long term analysis, EURUSD formed a long term cycle top at 1.6019 on weekly chart. The price action from 1.5284 is treated as consolidation to down trend. Deeper decline to 1.4500 area to reach the next cycle bottom is expected after consolidation.
