EURUSD moved sideways in a trading range between 1.2859 and 1.2987.

Key resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.3411, another fall towards 1.2500 could be expected after consolidation.

On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.2859 already, then further rise to 1.3000 area could be seen.

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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