The EURUSD pair fell significantly during the day on Tuesday, as we race towards the 1.08 level.

With this, the market looks as if it is probably going to try to reach down towards the 1.07 level yet again, which was an area that caused quite a bit of a bounce.

That being the case, we feel that the sellers are going to continue to jump into this marketplace, but we recognize that the 1.08 level below is going to be supportive before we get there.

We are not looking for some type of massive selloff, just that a bit of bearishness is to come.

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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