EURUSD remains in the downtrend from 1.2029

[forexcycle]

EURUSD remains in the downtrend from 1.2029, the bounce from 1.1717 is likely consolidation of the downtrend. Near term resistance is located at the top trend line of the price channel on the 4-hour chart, now at around 1.1860. As long as the price is in the channel, the downside movement could be expected to continue, and another fall to test 1.1662 support is still possible after the consolidation. Below this level could take price to the resistance-turned-support trend line on the weekly chart, now at 1.1420. On the upside, a clear break above the channel resistance could indicate that the downtrend had completed at 1.1717 already, then the following upside movement could bring price back towards 1.2092 previous high resistance.