EURUSD broke below the rising trend line on the daily chart, indicating that the short term uptrend from 1.1554 had completed at 1.1961 already. Deeper decline to test 1.1554 support would likely be seen over the next several weeks. However, as long as 1.1554 support holds, the price action from 1.2092 could be treated as consolidation of the uptrend from 1.0340 (Jan 3 low) and another rise towards 1.2500 is still possible after the consolidation.
On the downside, a breakdown below 1.1554 support will confirm that the uptrend had completed at 1.2092 already, then the following downside movement could take price to the resistance-turned-support trend line on the weekly chart. A clear break below this trend line could trigger further downside movement to 1.0900 area.
