EURUSD failed to break below 1.0493 support and is now facing the channel resistance. As long as the pair stays in the channel, the price action from 1.0521 could be treated as consolidation of the downtrend from 1.0828 and further decline to 1.0400 area is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.0493 already, then the following upward movement could bring price to 1.0700 – 1.0750 area.
