EURUSD is now in downtrend from 1.2867, the rise from 1.2613 is likely consolidation of the downtrend.
Further decline to test 1.2500 support would likely be seen, a breakdown below this level will signal resumption of the longer term 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
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