EURUSD failed to break above the upper line of the price channel on daily chart, indicating that the pair remains in downtrend from 1.3993. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.2000 area. Key resistance is now at 1.2599, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then further rally to 1.2750 – 1.2800 area could be seen.
