EURUSD remains in uptrend from 1.2358, the fall from 1.2599 could be treated as consolidation of the downtrend.

Support is located at the rising trend line on 4-hour chart.

As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.2650 area.

On the other side, a clear break below the trend line support will indicate that the uptrend from 1.2358 had completed at 1.2599 already, then the following downward movement could bring price to 1.2000 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.

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