Euro Bounced back after the Referendum Outcome in Italy

Italy's referendum was defeated.  The EUR/USD fell to a 20-month low of 1.0505; however, the pair bounced back immediately.  

The EUR/USD fell to its lowest level since March 2015 at 1.0505; however, a Renzi resignation somehow ignited the rebound from the low and the pair never looked back.  From the daily chart though, the downtrend is still in tact.  Can the rebound break above the downtrend resistance and start a new uptrend for euro?