EURUSD extended its downside movement from 1.1996 to as low as 1.1675. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.1550 area. On the upside, a breakout of the channel resistance could bring the price back to test 1.1829 key resistance.
