EURUSD's downward movement from 1.3411 extended to as low as 1.2696.

Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.2600 area.

On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.2696 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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