The EURUSD pair had a slightly positive session during the day on Wednesday, pre-FOMC Statement.

Because of this, the market looks as if it has a proclivity to go higher over the longer term, so having that in mind I believe that this market will eventually rally.

Nonetheless, there is going to be significant volatility either way, and with that we see quite a bit of support at the 1.12 level, with resistance at the 1.14 handle.

Ultimately, this is a market that is going to be very difficult to trade over the longer term.

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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