EURUSD stays in the downward price channel on 4-hour chart, and remains in downtrend from 1.2867.

As long as the channel resistance holds, the rise from 1.2358 could be treated as consolidation of the downtrend.

Further decline could be expected after consolidation, and next target would be at 1.2200 area.

Key resistance is at 1.2508, only break above this level 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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