EURUSD remains in downtrend from 1.0905, the rise from 1.0635 is likely consolidation of the downtrend. Resistance is at 1.0705, as long as this level holds, the downtrend could be expected to continue, and further decline to 1.0550 area is still possible. On the upside, a break of 1.0705 resistance will indicate that the downward movement had completed at 1.0635 already, then the following rebound could bring price to 1.0750 – 1.0800 area.
