After consolidation, EURUSD broke below 1.2859 support and continued its downward movement from 1.3411, and the fall extended to as low as 1.2834.

Further decline could be expected, and next target would be at 1.2600 area.

Resistance is located at the downward trend line on 4-hour chart, 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 (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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