EURUSD has been moving sideways in a range between 1.0909 and 1.1095. This range-bound movement suggests that the market is consolidating.
As long as the 1.0909 support level holds, the sideways move could be treated as consolidation for the uptrend from the Mar 15 low of 1.0515.
A breakout above the 1.1095 resistance level could signal a resumption of the uptrend, with the next target at the 1.1200 area.
On the downside, a breakdown below the 1.0909 support level would indicate that the upside movement had completed at the Apr 26 high of 1.1095. In this case, the pair would find support at around the 1.0800 level.
