EURUSD remains in downtrend from 1.1616 (May 3, 2016 high), the price action from 1.0340 is likely consolidation of the downtrend. As long as the pair is in the descending price channel on daily chart, the downtrend could be expected to continue, and further decline to 1.0200 area is possible after the consolidation. Key resistance is at 1.0906, only break above this level will indicate that the downward movement had completed at 1.0340 already, then the following upward movement could bring price back to 1.1500 zone.
