EUR/USD extended its downside movement from 1.2092 to as low as 1.1669, facing an important support level at 1.1662. A breakdown below this level could take price to the resistance-turned-support trend line on the weekly chart, now at 1.1415.
Near term resistance is located at the falling trend line on the 4-hour chart. A breakthrough this trend line could bring price back to test 1.1832 resistance. Above this level would suggest that the downside movement is complete, then further rally to 1.1900 area could be seen.
