The EURUSD pair fell rather hard during the course of the day on Wednesday, breaking below the 1.13 level.

With this, looks as if the market will probably continue to try to grind lower for the short-term, but we need to wait to see whether or not we get supportive action between here and the 1.12 level.

If we do, we could very well bounce back. This is a market that is going to be for nearly volatile, so the short-term it feels as if the sellers are going to continue, but we have to wonder how long.

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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