EURUSD extended its downside movement from 1.2476 to as low as 1.2218, breaking below 1.2239 support.

Further decline is still possible after a minor consolidation and next target would be at 1.2155 support.

Near term resistance is at the falling trend line on the 4-hour chart. A breakout of the trend line resistance could bring price back to test 1.2345 key resistance, only break above this level could signal completion of the downtrend.

EURUSD 4-hour chart

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