EURUSD's downward movement from 1.3966 extended to as low as 1.3705.

Resistance is now located at the downward trend line on 4-hour chart.

As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.3600 area.

Only a clear break above the trend line resistance could 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, 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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