EURUSD is testing the resistance of the descending price channel on daily chart. As long as the pair is in the channel, the price action from 1.0340 could be treated as consolidation of the downtrend from 1.1616 (May 3, 2016 high), and further decline to 1.0200 area is still possible. Key resistance is at 1.0906, only break above this level could signal completion of the downtrend.
