EURUSD broke above the downward trend line on 4-hour chart, indicating that consolidation of the downtrend from 1.2994 is underway. Range trading between 1.2500 and 1.2698 would likely be seen in a couple of days. As long as 1.2698 resistance holds, the downtrend could be expected to resume, and another fall to 1.2200 area is still possible after consolidation. On the upside, a break above 1.2698 resistance will signal completion of the downtrend, then the pair will find resistance around 1.2850.
