The EURUSD pair fell significantly during the course of the session on Wednesday, forming what is essentially a “today shooting star” in this market at the 1.12 level.

If we can break down below the 1.1150 level, I feel that this market will probably drop from there and reach towards the 1.10 level given enough time.

At this point, I don’t necessarily have much of an interest in buying this market, because there are so many issues to worry about in the European Union.

I believe that the US dollar will continue to be favored due to the “safety trade” aspect.

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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