EURUSD breaks below channel support

EURUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that lengthier consolidation in the range between 1.2465 and 1.2589 is underway. Key support is at 1.2465, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.2241, and another rise towards 1.2700 is still possible. On the downside, a breakdown below 1.2465 could signal completion of the uptrend from 1.2241, then further decline to 1.2400 area could be seen.