EUR/USD moved sideways in a narrow range between 1.1574 and 1.1661 after breaking below the key support level at 1.1662 (Aug 17 low). The range trading is likely consolidation of the downtrend from 1.1879.

As long as 1.1685 resistance holds, further decline could be expected after the consolidation. The next target would be at the resistance-turned-support trend line on the weekly chart now at around 1.1400. Only a breakout of 1.1685 resistance could indicate that the downside movement had completed at 1.1574 already, then the following upside move could take price to the 1.1800 area.