The EURUSD pair initially tried to rally during the day on Tuesday, but turned back around to form a bit of a shooting star.

This of course is negative, and it looks like we made test the 1.1050 level for support again.

We think that the market will find buyers down here though, so having said that we are waiting to see whether or not we get a supportive candle that we can start going long based upon.

One thing that we do know that’s going to happen is that we are going to be very choppy in this marketplace no matter which direction we end up going.

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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