EUR/USD bounced strongly to as high as 1.1805, breaking above the falling trend line on the 4-hour chart. Near term support is at 1.1740. As long as this level holds, the upside movement from 1.1554 could be expected to continue and next target would be at 1.1879 resistance.
A breakout of this level will confirm that the downtrend from 1.2092 (Sept. 8 high) had completed at 1.1554 already, then the following upside movement could take the price to 1.2000 area. On the downside, as long as 1.1879 resistance holds, the bounce would possibly be a consolidation of the downtrend from 1.2092. A breakdown below 1.1740 support could bring the price back to the resistance-turned-support level at 1.1690. Below here could trigger further decline towards 1.1554, followed by 1.1400 area.
