EURUSD’s downside movement from 1.2413 extended to as low as 1.2160. Key resistance is now at 1.2245. As long as this level holds, the downtrend could be expected to continue and next target would be at 1.2050 area. On the upside, a breakout of 1.2245 resistance would suggest that the downside movement is complete, then another rise towards 1.2500 could be seen.
