EURUSD breaks below 1.2512 previous low support, suggesting that the short term downtrend from 1.2898 is underway. Deeper decline is expected to 1.2400 zone in a couple of day. Near term resistance is at the upper border of the falling price channel and key resistance is located at 1.2677, as long as this level holds, we’d expect downtrend from 1.2898 to continue, only rise above 1.2677 level will indicate that a short term cycle bottom has been formed and the fall from 1.2898 has completed.
