EURUSD stayed in a trading range between 1.1215 and 1.1500 for several weeks. The price action in the range is likely consolidation for the downtrend from 1.1815. As long as 1.1500 resistance holds, the downtrend could be expected to resume and a breakdown below 1.1215 support could trigger further downside movement towards 1.1000. On the upside, a breakout of 1.1500 resistance would indicate that the downside movement had completed at 1.1215 already, then the pair would find next resistance at around 1.1700.
