EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.3411.

As long as the trend line resistance holds, the rise from 1.2859 could be treated as consolidation of the downtrend, and another fall towards 1.2500 is still possible.

On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.2859 already, then the pair will find resistance around 1.3000.

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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