EURUSD remains in downtrend from 1.3411, the rise from 1.2859 is likely consolidation of the downtrend.

Near term resistance is at 1.2987, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.2500 is still possible after consolidation.

Key resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance will signal completion of the downtrend, then the pair will find resistance around 1.3100.

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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