EURUSD broke below the upward trend line on 4-hour chart, indicating that the uptrend from 1.2500 had completed at 1.2867 already.

Further decline to test 1.2500 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.3700 (Jul 1 high), then next target would be at 1.2200 area.

Resistance is at 1.2750, only break above this level could trigger another rise to 1.2950 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