EURUSD fails to break below the lower line of the price channel on 4-hour chart, and rebounds from 1.2465, suggesting that a cycle bottom is being formed. Initial resistance is at 1.2589, a break above this level will indicate that the uptrend from 1.2241 has resumed, then further rise towards 1.2700 area could be seen. Support remains at the lower line of the channel, only a clear break below the channel support could signal completion of the uptrend, then deeper decline to 1.2400 area could be expected.
