The EURUSD pair rose slightly during the course of the session on Wednesday, but quite frankly we are simply consolidating at the moment.

We believe that the 1.08 level on the bottom is the support, while the 1.12 level on the top is the ultimate resistance.

In the meantime, with Nonfarm Payroll Numbers coming out on Friday, we feel that the market could very well be very quiet today, so quite frankly we are not necessarily looking for any type of significant move, and we recognize that more than likely we will try to reach back towards the 1.10 level.

Regardless, we are on the sidelines.

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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