EURUSD’s downward movement from 1.3411 extended to as low as 1.3152. Further decline could be expected after a minor consolidation, and next target would be at 1.3000 area. Near term resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend will continue. However, a clear break above the trend line resistance will indicate that lengthier consolidation of the longer term downtrend from 1.3700 (Jul 1 high) is underway, then the pair will find resistance around 1.3300 area.
