EURUSD's downward movement from 1.1279 extended to as low as 1.0859.

Further decline could be expected after a minor consolidation, and next target would be at 1.0700 area.

Near term resistance is at 1.0935, as long as this level holds, the downtrend will continue.

Key resistance is located at the downward price channel on 4-hour chart, only a clear break above the channel resistance will indicate that the downtrend is complete, then the following upward movement could bring price to 1.1400 zone.

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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