The EUR/USD’s rise from 1.2796 extends to as high as 1.2938. However, this rise is a likely consolidation of the downtrend from 1.3242. Resistance is located at the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and one more fall to test 1.2747 support is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.3242 already completed at 1.2796. The following upward movement could then bring price to 1.3500 zone.