EURUSD breaks above 1.5902 previous high resistance and its up trend resumes. Further rise to 1.6200 area to reach the next cycle top on daily chart is now in favor. Near term support is now at the up trend line from 1.5342 to 1.5510 and followed by 1.5510. Key support is located at 1.5342, a break of this level will signal the reversal to the long term up trend.
For long term analysis, EURUSD is in long term up trend. Long term key support is located at 1.5342, a break of this level will indicate that the up trend from 1.4309 (Dec 20, 2007 low) has completed, and pull back to 1.5000 area is expected to follow.
