Being contained by the bottom of the price channel on daily chart, EUR/USD rebounded from 1.0819, indicating that the pair remains in short term uptrend from 1.0462. Another rise to test 1.1533 resistance would likely be seen, a break of this level will signal completion of the long term downtrend from 1.3993 (May 8, 2014 high). On the downside, a breakdown below 1.0819 level will confirm that the short term uptrend from 1.0462 is complete, then next target would be at 1.0600 area.

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk