EURUSD failed to break above the downward trend line on 4-hour chart, indicating that the pair remains in downtrend from 1.3411. As long as the trend line resistance holds, further decline could be expected, and next target would be at 1.2600 area.

Key resistance is at 1.2994, only break above this level will signal completion of the downtrend.

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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