EURUSD formed a cycle bottom at 1.5302 on daily chart. Further rise to test 1.6019 (Apr 22 high) could be seen in a couple of weeks. A break of 1.6019 level will indicate that the sideways consolidation in range between 1.5284 and 1.6019 has completed and long term up trend has resumed. As long as 1.6019 resistance holds, we’d expect down trend to resume, and pullback to retest 1.5284 previous low is possible.
For long term analysis, EURUSD formed a long term cycle top at 1.6019 on weekly chart. The price action from 1.5284 is treated as consolidation to down trend. Deeper decline to 1.4500 area to reach the next cycle bottom is expected after consolidation.
