EURUSD is testing 1.5611 support. As long as this level holds, we’d expect uptrend to resume and rebound towards 1.6038 is possible. However, a break below 1.5611 level will signal further decline to to 1.5400 area.
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.
