EURUSD’s downward movement extended to as low as 1.2624. Resistance is at the upper line of the price channel on daily chart, as long as the channel resistance holds, downtrend could be expected to continue, and next target would be at 1.2500, only a clear break above the channel resistance could signal completion of the downtrend.
For long term analysis, EURUSD is in downtrend from 1.4939 (May 4, 2011 high). Further decline towards 1.1500 area is expected over the next several months.
