As expected, EURUSD breaks above 1.4966 (23 Nov 2007 high) and reaches as high as 1.5047. Further rise to 1.5300 area to reach the next cycle top on daily chart is still possible. Near term support is at 1.4750, as long as this support holds, we’d expect up trend to continue.
For long term analysis, EURUSD is moving to the next 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 1.3000 area is expected to follow.