EURUSD broke above the top trend line of the price channel on its 4-hour chart, suggesting that the downside movement from 1.1909 had completed at 1.1662 already. Further rise to test 1.1909 resistance is possible, a break out of this level could signal resumption of the uptrend from 1.0569 (Apr 10 low), then next target would be at 1.2000 area. On the downside, as long as 1.1909 resistance holds, one more fall towards the bottom support trend line of the price channel on its daily chart is still possible.

eurusd 4-hour chart


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