EURUSD remains in downtrend from 1.3993, the rise from 1.3648 could be treated as consolidation of the downtrend. Resistance is now at 1.3735, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.3600 area.

On the upside, a break above 1.3735 resistance will indicate that the downtrend had completed at 1.3648 already, then further rise to 1.3820 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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