EURUSD’s downward movement from 1.1450 extended to as low as 1.0987. Further decline could be expected, and next target would be at 1.0800 area. Resistance is now at 1.1165, as long as this level holds, the downtrend will continue. On the upside, a break of 1.1165 resistance will indicate that lengthier consolidation for the longer term downtrend from 1.2569 (Dec 16, 2014 high) is needed, then further rise to 1.1350 area could be seen.
