EURUSD remains in downtrend from 1.3993, the rise from 1.2357 is likely consolidation of the downtrend.

Resistance is located at the top of the price channel on daily chart.

As long as the channel resistance holds, the downtrend could be expected to to continue, and next target would be at 1.2000 area.

On the upside, a clear break above the channel resistance will indicate that lengthier consolidation for the downtrend is needed, then further rally to 1.2750 - 1.2800 area could be seen.

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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