EURUSD broke below 1.2247 support indicating that the downtrend from 1.2886 (Oct 15 high) has resumed.
Further decline could be expected, and next target would be at 1.2000 area.
Near term resistance is at 1.2350, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then another rise to 1.2500 area could be seen.
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.
Content curiosity of FOREXCycle
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