EURUSD's downward movement from 1.3700 extended to as low as 1.3490.

Further decline could be expected after a minor consolidation, and next target would be at 1.3300 area.

Resistance is located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance will indicate that lengthier consolidation of the longer term downtrend from 1.3993 (May 8 high) is underway, then further rally to 1.3670 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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