EURUSD broke above 1.5843 resistance and reached 1.5908 only. The pair might be forming a cycle top on daily chart and the fall from 1.5908 could possibly be resumption of down trend. Deeper decline to retest 1.5302 previous low support is now in favor. Initial resistance is at 1.5908, only break of this level will take price back to test 1.6019 long term resistance.
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.
