EURUSD stays below the downward trend line on daily chart, and remains in downtrend from 1.1616.

Further decline could be expected after a minor consolidation, and next target would be at 1.0600 area.

Resistance is at the downward trend line on daily chart, only a clear break above the trend line resistance could trigger another rise towards 1.2000.

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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