EURUSD is forming a sideways consolidation in a range between 1.5342 and 1.5902. Pullback to retest 1.5342 is still in favor in the next several days and a break of this level will signal the reversal to the long term up trend. Key resistance is at 1.5902, only 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 might be 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 of this level will indicate that the long term up trend from 1.4309 (Dec 20, 2007 low) has completed, and pull back to 1.4000 area is expected to follow.
