The EURUSD pair fell during the day on Tuesday, reaching down towards the 1.10 handle.

This is an area that has been the middle of the larger consolidation area lately, and we feel that could offer a significant amount of support.

With this, we are looking to see if we get a bounce off of 1.10 level in order to place a short-term long position in this market.

On the other hand, if we break down below the 1.0950 level, we feel the market will then drift its way back down to the 1.0850 region.

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.

Content curiosity of FOREXCycle