EURUSD is testing the previous high resistance at 1.5902, as long as this resistance holds, the rebound from 1.5342 is treated as correction to the down trend. However, a break of 1.5902 level will signal the resumption of the up trend and further rally to 1.6500 area is expected to follow.
For long term analysis, EURUSD is forming a long term cycle top at 1.5902 level on weekly chart. Long term key support is now located at 1.5342, 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.
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