EURUSD moved sideways in a trading range between 1.2165 and 1.2323. The price action in the range could be treated as consolidation of the uptrend from 1.1717. A breakdown below 1.2165 support could trigger further downside movement to 1.2070 area. Below this level would aim the bullish trend line on the 4-hour chart. However, as long as the trend line support holds, the uptrend from 1.1717 could be expected to resume and another rise towards 1.2400 is still possible after the consolidation. Near term resistance is at 1.2323, a breakout of this level could signal resumption of the uptrend.
