EURUSD dropped sharply from 1.5818 and formed a cycle top on daily chart. The fall from 1.5818 could possibly be resumption of the long term down trend. Further pullback to test 1.5284 previous low support is expected after consolidation. Initial resistance is at 1.5818, only rise above this level will indicate lengthier correction to the down trend is under way, and delay the resumption of the down trend.
For long term analysis, EURUSD broke below 1.5342 long term key support and is now in down trend. Deeper decline to 1.5000 area to reach the next cycle bottom on weekly chart is expected after correction.
