EURUSD rebounded strongly after touching 1.2165 support, facing the resistance of the falling price channel on its 4-hour chart. As long as the price is in the channel, the bounce could be treated as consolidation for the downtrend from 1.2555 and another fall towards 1.2000 is still possible after the consolidation. On the upside, a breakout of the channel resistance could take price to test 1.2360 resistance, above this level will confirm that the downside movement is complete, then another rise towards 1.2555 previous high could be seen.
