EURUSD is facing the resistance of the upper line of the price channel on 4-hour chart, a clear break above the channel resistance will signal completion of the uptrend from 1.2994, then further rise to 1.2900 area is possible.

On the downside, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.2400 area.

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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