EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.3411, the rise from 1.2834 could be treated as consolidation of the downtrend.

As long as the trend line resistance holds, the downtrend could be expected to resume, and another fall to 1.2600 area is still possible.

Key resistance is at 1.2994, only break above this level will indicate that the downtrend had completed at 1.2834 already, then the following upward movement could bring price back to 1.3100 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