EURUSD stays within a downward price channel

EURUSD stays within a downward price channel on 4-hour chart and remains in downtrend from 1.3711, the price action from 1.3018 could be treated as consolidation of the downtrend. Resistance is at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.2900 area is still possible. Key resistance is now at 1.3160, a break above this level will indicate that a cycle bottom has been formed at 1.3018, and the downward movement from 1.3711 has completed, then the following upward move could bring price back towards 1.4000.


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