EURUSD remains in downtrend from 1.3411, the rise from 1.3110 is likely consolidation of the downtrend. Resistance is located at the upper line of the price channel on 4-hour chart.

As long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 1.3000 area.

Key resistance is at 1.3220, only break above this level will indicate that the downtrend had completed at 1.3110 already, then the pair will find resistance around 1.3300.

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