The EURUSD pair went back and forth during the course of the day on Tuesday, showing a bit of indecision after a very impulsive day on Monday.

With this being the case, I think that a pullback is probably going to appear soon, but the 1.12 level will be supportive.

I think this will be a short-term trader’s type of environment, so having said that I believe that you will have to be very nimble in this marketplace, if you choose to get involved.

I believe that the 1.1350 level above will be resistive, so essentially we are bouncing around in the new consolidative area.

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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