EURUSD’s upward movement from 1.0494 extended to as high as 1.0905.

Further rise is still possible after a minor consolidation and next target would be at 1.0950 area.

Near term support is at the bottom of the price channel on 4-hours chart, as long as the pair is in the channel, the uptrend will continue.

Key support is at 1.0760, only break below this level will indicate that the uptrend had completed at 1.0905 already, then the following downward movement could bring price back to 1.0500 zone.

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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