EURUSD broke above the downward trend line on 4-hour chart, indicating that consolidation of the downtrend from 1.3700 (Jul 1 high) is underway.

Range trading between 1.3152 and 1.3300 is possible over the next several days.

Key resistance is at 1.3300, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.3000 is still possible.

Support is at 1.3152, a breakdown below this level could signal resumption 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 (EURUSD), 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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