EURUSD remains in downtrend from 1.1616, the rise from 1.0911 is likely consolidation of the downtrend.

Near term resistance is at 1.1440, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.0600 area.

On the upside, a break of 1.1440 resistance will indicate that the uptrend from 1.0517 has resumed, then the following upward movement could bring price to 1.2000 zone.

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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