EURUSD rebounded sharply from 1.5365 and is testing 1.5818 previous high resistance. The pair is forming a sideways consolidation in a range between 1.5284 and 1.6019. Further rise to test 1.6019 is still possible if 1.5818 resistance gives way. And pullback may be expected before breaking above 1.6019 long term key resistance.
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.
