EURUSD remains in downtrend from 1.3993 (May 8, 2014 high), the rise from 1.1097 is likely consolidation of the downtrend. Range trading between 1.1097 and 1.1600 would likely be seen in a couple of weeks. Near term resistance is at 1.1600, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.0000 is still possible. Key resistance is at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.
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