EURUSD broke below 1.3705 support, and continued its downward movement from 1.3966, and the fall extended to as low as 1.3672.

Resistance is now at the upper line of the price channel on 4-hour chart.

As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.3600 area.

Only a clear break above the channel resistance could signal completion of the downtrend.

Editor’s Note: Equity investors/traders can use the Currency Shares Euro Trust (FXE, quote) ETF to take positions in the euro without a FOREX account.  The ETF looks to track the price of the euro, minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.

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