EURUSD's bounce from 1.2858 extended to as high as 1.3076. Further rise is still possible later today, and the target would be at the upper line of the price channel on 4-hour chart. Key resistance is at 1.3196, as long as this level holds, the price action from 1.2946 is treated as consolidation of downtrend from 1.4246 (Oct 27, 2011 high). Downtrend could be expected to resume after consolidation, and another fall towards 1.2500 is still possible. On the upside, a break above 1.3196 will suggest that the fall from 1.4246 has completed at 1.2858 already, then further rally could be seen to 1.3900 area.

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