The EURUSD pair initially fell during the course of the day on Tuesday, but turned right back around to form a bit of a hammer.

That hammer suggests that we are going to try to go higher and with the FOMC Meeting Minutes coming out during the day today, we could see a bit of a selloff in the US dollar anyway.

That almost always shows itself in the Euro right away, and could have the market looking for the 1.15 handle next. Looking around the Forex world, it appears that the Euro is starting to get a bit of a bid anyway.

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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