EURUSD broke above 1.1467 resistance, and reached as high as 1.1713.

The subsequent fall from 1.1713 indicate that the uptrend from 1.0808 had completed.

Further decline to test 1.0462 support could be expected over the next several weeks, a breakdown below this level will confirm that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then next target would be at 0.9000 area.

Resistance is at 1.1713, only break above this level could trigger anther rise towards 1.2500.

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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