EUR/USD stays in the downward price channel on WEEKLY chart, and remains in downtrend from 1.3993 (May 8, 2014 high), the rise from 1.0462 could be treated as consolidation of the downtrend. Resistance is located at the top of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.0000 area. Only a clear break above the channel resistance could signal completion of the downtrend.

S3           S2          S1           P            R1          R2         R3

0.9603  1.019              1.05      1.077      1.1084      1.135      1.194

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