EURUSD’s up trend extends to as high as 1.6019 level. Initial support is at the up trend line from 1.5342 to 1.5710. As long as the trend line support holds, we’d expect up trend to continue and further rise to 1.6200 area to reach the next cycle top on daily chart is possible. Only break below 1.5710 level could 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.
