EURUSD’s downward movement from 1.3993 (May 8, 2014 high) extended to as low as 1.1115. Further decline is still possible after a minor consolidation, and next target would be at 1.0500 area. Near term resistance is at 1.1500, and the key resistance is located at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.
