EURUSD is testing the support of the price channel on daily chart.

As long as the channel support holds, the fall from 1.1616 could be treated as consolidation of the uptrend from 1.0517, one more rise to 1.2000 area to complete the upward movement is possible over the next several weeks.

Key support is at 1.1097, only break below this level will indicate that the uptrend is complete, then the following downward movement could bring price back to 1.0000 zone.

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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