EURUSD broke below the up trend line from 1.5302 to 1.5611. Deeper decline to test 1.5611 support is still possible in next few days. Initial resistance is at 1.6038, only rise above this level will signal further rally to 1.6150 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.
