EURUSD’s downtrend from 1.1961 extended to as low as 1.1717, facing the support level at 1.1712. Near term resistance is at 1.1814. As long as this level holds, the downside movement could be expected to continue and next target would be at 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390. On the upside, a break of 1.1814 resistance will suggest that the downside movement is complete, then another rise towards 1.1961 resistance could be seen. A breakout of this level could take price to test 1.2092 (Sep 8 high) resistance.
