EURUSD's bounce from 1.1876 extends to as high as 1.2147 level. Further rally is still possible later today and target would be at the upper border of the falling price channel on 4-hour chart. As long as the channel resistance holds, the price action from 1.1876 is treated as consolidation of downtrend from 1.3817 (Mar 17 high), and another fall to 1.1800 is still possible. However, a clear break above the channel resistance will indicate that the fall form 1.3817 has completed at 1.1876 already.