EURUSD failed to break above the upper line of the price channel on 4-hour chart, and pulled back from 1.3076. Further fall to test 1.2858 support would likely be seen, a breakdown below this level will signal resumption of the longer term downtrend from 1.4246 (Oct 27, 2011 high), then further decline could be seen to 1.2500 area. Key resistance is now at 1.3076, only break above this level could indicate that the fall from 1.4246 is complete.

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