EUR/USD has extended its downside move from 1.0936 to as low as 1.0550. The key resistance is now at 1.0653. As long as this level holds, the downside move could be expected to continue, with the next target around the 1.0530 area. Below this level, the next aim would be the 1.0450 area.
The initial resistance is at 1.0580. A breakout above this level could bring the price back to test the 1.0653 resistance. Only a break above this level could signal the completion of the downtrend.