After consolidation, EURUSD continued its downward movement from 1.2994, and the fall extended to as low as 1.2500. Near term resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, further decline could be expected and next target would be at 1.2200 area. Key resistance is at 1.2698, only break above this level could signal completion of the downtrend.
