EURUSD failed to test the previous high resistance at 1.5902 and pulled back from 1.5896 level. Further fall to test 1.5342 long term key support is possible, a break of this level will signal the resumption of the down trend, and deeper decline to 1.4600 area is expected to follow. Key resistance is at 1.5902, a break of this level will indicate that the long term up trend has resumed, and further rally to 1.6500 area could 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 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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