EURUSD is testing the resistance of the downward price channel on 4-hour chart.
As long as the channel resistance holds, the rise from 1.2358 could be treated as consolidation of the downtrend from 1.2867, another fall to 1.2200 area is still possible.
Key resistance is at 1.2508, only break above this level will signal completion of the downtrend.
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.
Content curiosity of FOREXCycle
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