EURUSD is facing 1.2358 support, a breakdown below this level will confirm that the downtrend from 1.2867 has resumed, then the following downward movement could bring price to 1.2000 area.

Resistance is at 1.2450, only break above this level will indicate that lengthier sideways movement is underway, then further rise to test 1.2599 resistance 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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