EUR/USD Remains In Downtrend From 1.0905

EUR/USD remains in downtrend from 1.0905, the bounce from 1.0569 is likely consolidation of the downtrend. Near term resistance is at the top of the price channel on 4-hour chart. As long as the pair is in the channel, the downtrend could be expected to continue, and next target would be at 1.0500 area. Key resistance is at 1.0655, only break above this level will indicate that the downtrend had completed at 1.0569 already, then the following rebound could bring price to 1.0750 area.

EUR/USD 4 Hour Chart

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