EURUSD’s downward movement from 1.3700 extended to as low as 1.3490. Further decline could be expected after a minor consolidation, and next target would be at 1.3300 area. Resistance is located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance will indicate that lengthier consolidation of the longer term downtrend from 1.3993 (May 8 high) is underway, then further rally to 1.3670 area could be seen.
