The EURUSD pair initially tried to rally during the day on Wednesday, but turn right back around to form a rather negative candle.

By doing so, the negative candle shows us that there is still quite a bit of volatility in this market.

Keep in mind that the European Central Bank has an interest rate announcement and more importantly a statement today, so it’s likely that we will see a bit of volatility.

At this point though, we recognize the 1.1250 level below has been supportive, and a bounce from there could very well likely happen.

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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