EURUSD remains in the downtrend from 1.2555, the bounce from 1.1510 is likely consolidation for the downtrend. Near term resistance is located at the top trend line of the price channel on the daily chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.1300 area. On the upside, a clear break above the channel resistance would suggest that lengthier consolidation for the downtrend is needed, then the pair would find next resistance level at around 1.2000.
