EURUSD failed to break above the upper line of the price channel on daily chart, indicating that the pair remains in downtrend from 1.3993.
As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.2000 area.
Key resistance is now at 1.2599, only break above this level 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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