EURUSD remains in uptrend from 1.0494, the fall from 1.0824 is likely consolidation of the uptrend.

Near term support is located at the bottom of the price channel on 4-hours chart. As long as the channel support holds, the uptrend could be expected to continue and next target would be at 1.0900 area.

Key support is at 1.0705, only break below this level could signal completion of the uptrend.

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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