EURUSD’s rise from 1.2796 extends to as high as 1.2938. However, the rise is likely consolidation of the downtrend from 1.3242. Resistance is located at the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and one more fall to test 1.2747 support is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.
