EURUSD’s bounce from 1.2661 extends to as high as 1.2801, and is now facing the resistance of the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the bounce could be treated as consolidation of the downtrend from 1.3138, and another fall towards 1.2500 is still possible after consolidation, and the downtrend could be expected to resume after touching the channel resistance, only a clear break above the channel resistance will indicate that the downward movement is complete.
