EURUSD is facing the resistance of the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the rise from 1.2358 could be treated as consolidation of the downtrend from 1.2867, further decline to 1.2200 area is still possible.

On the downside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.2358 already, then further rise to 1.2750 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.

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