EURUSD stays in price channel on 4-hour chart

[forexcycle]

EURUSD stays in a falling price channel on its 4-hour chart and remains in the downtrend from 1.1909. As long as the price is in the channel, the downside movement could be expected to continue and next target would be at the bottom support trend line of the price channel on its daily chart. On the upside, a clear break above the channel resistance could take price to test 1.1909 resistance, above this level could signal resumption of the uptrend from 1.0569 (Apr 10 low), then next target would be at 1.2000 area.