EURUSD extended its downside movement from 1.2555 to as low as 1.2259. Near term resistance is at 1.2365. As long as this level holds, the downside movement could be expected to continue and further decline to test 1.2165 support is still possible. On the upside, a breakout of 1.2365 resistance would suggest that the downside movement had completed at 1.2259 already, then another rise towards 1.2700 could be seen.
