The EURUSD pair tested but couldn’t break the 1.0910 resistance, leading it to remain within the trading range of 1.0844 and 1.0910.
As long as the pair struggles to break past the 1.0910 resistance, the price action bounded within this range could be viewed as consolidation of the downward movement from 1.0995. A substantial dip below the 1.0844 support level—from within our trading range—could then drive the price towards the ensuing support at 1.0800, and potentially even to 1.0723 if the descent continues.
However, if the pair manages to break free from the 1.0910 resistance, an indication that the downside move from 1.0995 has rounded up would surface. This would potentially set off another upward swing to test the 1.0998 resistance.