EURUSD stays in the upward price channel on daily chart, and remains in uptrend from 1.0517, the fall from 1.1616 is likely consolidation of the uptrend.

Support is located at the bottom of the channel.

As long as the channel support holds, the uptrend could be expected to resume, and another rise to 1.2000 area to complete the upward movement is possible.

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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