EURUSD continued its downward movement from 1.3411, and the fall extended to as low as 1.2666.

Further decline would likely be seen after a minor consolidation, and next target would be at 1.2500 area.

Near term resistance is at 1.2765, and the key resistance is located at the downward trend line on 4-hour chart, only a clear break below 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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