EURUSD is moving to the next cycle top on daily chart, further rally to 1.5600 area is still possible. However, the pullback from 1.5493 suggests that next cycle top is nearing. Key support is at 1.5145, a breakdown of this level will confirm the cycle top and indicate that the up trend from 1.4438 has completed, and then pullback to 1.4800 area could be seen.
For long term analysis, EURUSD is moving to the next long term cycle top on weekly chart, and the next cycle top is nearing. Long term key support is now at 1.4438, a break below this level will indicate that the long term up trend from 1.1639 (Nov 2005 low) has completed, and pull back to 1.4000 area is expected to follow.
