EURUSD is testing the support of the up trend line from 1.5302 to 1.5611, break below the trend line support will take price back to1.5600 level. As long as the trend line support holds, we’d expect up trend to resume, and rise above 1.6038 will signal further rally to 1.6200 level.
For long term analysis, EURUSD broke above 1.6019 (Apr 22 high) resistance, suggesting that the sideways consolidation in a range between 1.5302 and 1.6019 has completed. Further rise towards 1.7000 is expected to follow.
