EURUSD moved sideways in a trading range between 1.1717 and 1.1862. As long as 1.1862 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.1961, and further decline could be expected after the consolidation. Near term support is at 1.1712, a breakdown below this level could signal resumption of the downtrend, then next target would be at 1.1660, followed by 1.1554. Below these levels could take price to next support level at 1.1380. On the upside, a breakout of 1.1862 resistance will indicate that the fall from 1.1961 had completed at 1.1717 already, then further rise towards 1.1961 resistance could be seen. Above this level could trigger further upside movement towards 1.2092 (Sep 8 high).
