EURUSD’s downward movement from 1.3993 extended to as low as 1.2164. Near term resistance is located at the downward trend line on daily chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.1500 area. Key resistance is at 1.2599, only break above this level could signal completion of the downtrend.
