EURUSD is forming a sideways consolidation in a range between 1.2859 and 1.2987.

As long as 1.2987 resistance holds, the downtrend from 1.3411 could be expected to resume, and another fall towards 1.2500 is still possible.

Key resistance is located at the falling trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend, then the pair will find resistance around 1.3150.

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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