EURUSD remains in downtrend from 1.2867, the rise from 1.2358 is likely consolidation of the downtrend.

Resistance is located 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 1.2200 area.

Only a clear break above the channel resistance will indicate that the downtrend had completed at 1.2358 already, then the following upward movement could bring price back to 1.2750 area.

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