EURUSD broke above channel resistance

[forexcycle]

EURUSD broke above the top trend line of the price channel on its 4-hour chart, indicating that the short term downtrend from 1.1267 had completed at 1.1109 already. Now the pair is facing 1.1267 resistance, a break of this level could signal resumption of the uptrend from 1.0569 (Apr 10 low), this could trigger another bullish movement towards 1.1450. Near term support is at 1.1195, only a breakdown below this level will indicate that lengthier consolidation for the uptrend is needed, then the pair will find support around 1.1050.