EURUSD broke above 1.6019 (Apr 22 high) resistance and reached 1.6038 high. Further rise towards 1.7000 is still possible after consolidation. Initial support is at the up trend line from 1.5302 to 1.5611, as long as the pair stays above the trend line support, up trend will continue.
For long term analysis, EURUSD broke above 1.6019 (Apr 22 high) resistance, suggesting that the sideways consolidation in a range between 1.5302 and 1.6019 has completed. Further rise towards 1.7000 is expected to follow.
