EURUSD continued its sideways movement in a trading range between 1.1554 and 1.1690, and is now facing 1.1690 resistance. As long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.1879 and another fall could be expected after the consolidation. Near term support is at 1.1554, below this level could take price towards 1.1400. On the upside, a breakout of 1.1690 resistance will indicate that lengthier consolidation for the downtrend from 1.2092 (Sep 8 high) is needed, then further rally to test the resistance of the falling trend line on the 4-hour chart could be seen.
