EURUSD extended its downside movement from 1.2092 to as low as 1.1717. Further decline to test 1.1662 support could be expected in the coming days. As long as this level holds, the fall from 1.2092 could be treated as consolidation of the uptrend from 1.0340 (Jan 3 low), another rise towards 1.2700 is still possible after the consolidation. Near term resistance is at 1.1860, an upside break of this level could bring price back towards 1.2092 previous high, above this level could signal resumption of the uptrend from 1.0340. On the downside, a breakdown below 1.1662 support would suggesting that the uptrend had completed at 1.2092 already, then the pair would find next support at the resistance-turned-support trend line on the weekly chart, now at 1.1420.
