EURUSD remains in downtrend from 1.5144 and the bounce from 1.1876 is treated as consolidation of downtrend. Resistance is at the falling price channel on daily chart, now at 1.2340, as long as the channel resistance holds, another fall is still possible and next target would be at 1.1700. However, the pair is facing support of 1.1639 (2005 low), rebound would more likely be seen before breaking below this level, and a clear break above the channel resistance will suggest that the fall from 1.5144 is complete.
For long term analysis, EURUSD broke below 1.2329 (Oct 28, 2008 low), suggesting deeper decline towards 1.13000 area, however, a break above 1.2671 could turn price back to 1.5000 area.
