EURUSD dropped sharply to as low as 1.5396, and confirmed a cycle top at 1.4902 level on daily chart. Deeper decline to 1.5000 area to reach the next cycle bottom is still possible in a couple of weeks. Key resistance is at 1.5902, only break of this level will indicate that the long term up trend has resumed, and then rise to 1.6150 area could be seen.
For long term analysis, EURUSD is forming a long term cycle top at 1.4902 level on weekly chart. Long term key support is 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.
