The EURUSD pair rose during the course of the session on Wednesday, slamming into the 1.10 level.

There is a significant amount of noise just above though, so we are actually going to be very patient and wait into we break the 1.11 level in order to start buying.

At that point in time, we would have to believe that the market would reach towards the 1.14 handle, and then eventually the 1.15 level.

A break above the 1.15 level all but ensures that the trend has changed and its now time to start buying the Euro. The meantime though, if we get a resistant candle right here, it could offer a selling opportunity, but it is looking less and less likely.

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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