EURUSD is facing 1.0462 (Mar 13 low) support, a breakdown below this level will indicate that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then next target would be at 1.0000 area.

Resistance is at 1.0900, only break above this level could indicate that lengthier consolidation for the long term downtrend is underway, then another rise towards 1.2000 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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