EURUSD failed in its attempt to break above the top trend line of the price channel on the 4-hour chart and dropped down from 1.1832, indicating that the pair remains in the downtrend from 1.2029. Further decline to test 1.1662 key support would likely be seen. A breakdown below this level could bring price to the resistance-turned-support trend line on the weekly chart, now at 1.1420. Near term resistance is at the top of the channel, and the key resistance is at 1.1832. Only an upside break of this level could signal completion of the downtrend, then further rally could be seen to 1.1940 area.
