Being contained by the bottom of the upward price channel on daily chart, EURUSD rebounded from 1.1097, indicating that the pair remains in uptrend from 1.0517.

Further rise could be expected in a couple of weeks, and next target would be at 1.2000 area.

Key support is now at 1.1097, only break below this level could signal completion of the uptrend.

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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