EURUSD is in consolidation of the downtrend from 1.2092

[forexcycle]

EURUSD is in consolidation of the downtrend from 1.2092 (Sep 8 high). Range trading between 1.1574 and 1.1725 would likely be seen in the coming days. As long as the support-turned-resistance level of 1.1725 holds, the downside movement could be expected to resume after the consolidation and a breakdown below 1.1574 could take price to 1.1400 area. On the upside, a breakout of 1.1725 resistance will indicate that lengthier consolidation for the downtrend is needed, then next target would be at the falling trend line on the 4-hour chart.