EURUSD moved sideways in a trading range between 1.1508 and 1.1851 for several weeks. The sideways move is likely consolidation for the downtrend from 1.2555. As long as 1.1851 resistance holds, the downside movement could be expected to resume and further decline to 1.1200 area is still possible after the consolidation. On the upside a break of 1.1851 resistance would indicate that the downtrend is complete, then the pair would find next resistance level at around 1.2050.
