EUR/USD broke below 1.1508 support and extended its downside movement from 1.2555 to as low as 1.1388.

A further decline is still possible and the next target would be at the 1.1200 area.

Resistance levels are at 1.1550 and 1.1851, only break above these levels could signal completion of the downtrend.

EURUSD daily chart

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