EURUSD moved out of the descending price channel on its 4-hour chart, indicating that lengthier consolidation for the downtrend from 1.2029 is underway. The price is expected to test 1.1832 resistance, above this level could signal completion of the downtrend, then the following upside movement could take price to 1.1900 area. Break through this level could trigger further upside movement towards 1.2092 previous high.
On the downside, as long as the price is below 1.1832, the price action in the trading range between 1.1696 and 1.1832 could be treated as consolidation of the downtrend, and a breakdown below 1.1662 key support would take price to the resistance-turned-support trend line on the weekly chart, now at 1.1420.