EURUSD failed to break below the upward trend line from 1.2042 to 1.2134, and rebounded from 1.2241, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise to test 1.2442 resistance would likely be seen, a break above this level will target 1.2600 zone. Key support remains at the trend line, only a clear break below the trend line support could signal resumption of the longer term downtrend from 1.3486 (Feb 24 high), then further decline towards 1.1700 could be seen.
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