EURUSD rebounds from 1.5342 and is forming a cycle bottom on daily chart. Sideways consolidation in a range between 1.5342 and 1.5902 is expected in the next several days. Deeper decline to 1.5000 area is still possible after consolidation, and a break of 1.5342 will signal the resumption of the down trend. Key resistance is located at 1.5902, a break of this level will signal the resumption of the long term up trend, and further rally to 1.6500 area could then be seen.
For long term analysis, EURUSD is forming a long term cycle top at 1.5902 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.
