EURUSD continued its sideways movement in a trading range between 1.2259 and 1.2360. The key resistance is at 1.2360. As long as the price is below this level, the price action in the range could be treated as consolidation for the downtrend from 1.2555, and further decline towards 1.2165 support is still possible after the consolidation. However, a breakout of 1.2360 resistance could signal completion of the downtrend, and this could trigger another rise to 1.2500 area.
