The EURUSD pair fell initially during the course of the session on Thursday, but turned back around to form a hammer yet again.

We have done this for the last three days, and that of course is a very bullish sign. At this point in time, if the Euro can rise above the 1.1050 level, we believe that this pair will then reach towards the 1.13 handle above.

There seems to be quite a bit of support below, so this point in time we aren’t necessarily looking to sell this particular pair.

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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