EURUSD is facing 1.1862 resistance. A breakout of this level could indicate that the downside movement from 1.1961 had completed at 1.1717 already, then the following upside movement could take price to next resistance level at 1.1961. Above this level would aim 1.2092 (Sep 8 high). On the downside, as long as 1.1862 resistance holds, the price action from 1.1717 could be treated as consolidation of the downtrend, and another fall to 1.1712 support is still possible. A breakdown below this level will indicate that the downtrend has resumed, then deeper decline towards 1.1554 could be seen. Below this level could trigger further downside movement towards 1.1380.
