EURUSD retraced further higher after briefly trading below parity and is opening the new week above the 1.02 mark. Still, within the context of the dominant downtrend, the rebound last week is small. The trend is not even challenged here.

The first key resistance to the upside is 1.0350. It could be reached soon. A more serious challenge to the downtrend would pose a move toward the 1.05 area. But based on the weekly chart, the crucial resistance zones that keep the long-term bearish trend intact are 1.08 and 1.10.

To the downside, all focus is on 1.00 as support. Below it, 0.98 and 0.95 are the next support zones lower.