EURUSD moved sideways in a trading range between 1.2357 and 1.2599. As long as the channel resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.3993, another fall to 1.2000 area could be expected after consolidation. Key resistance is at 1.2700, only break above this level could signal completion of the downtrend.
