EURUSD is forming a cycle bottom at 1.5302 on daily chart. However the rise from 1.5302 is treated as consolidation to down trend. Deeper decline is still possible after consolidation. A break below 1.5302 level will indicate that consolidation has completed, and pullback to 1.5000 area is expected to follow.
For long term analysis, EURUSD broke below 1.5342 long term key support and formed a long term cycle top at 1.6019 on weekly chart. Deeper decline to 1.4500 area to reach the next cycle bottom is expected after correction.
