The EURUSD pair went back and forth during the course of the day on Wednesday, using the 1.08 level as a bit of a springboard in order to keep the market afloat.

That being the case, it looks as if we are going to continue to grind away to the side as the market looks choppy, but also looks likely to have more of a negative bias over the longer term.

Having said that, we believe that short-term rally should be selling opportunities, but for short-term trades at best. Quite frankly, we do not like trading this pair at the moment.

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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