The EURUSD pair broke down below the 1.08 level during the day on Tuesday, showing that the market is continuing to show real selling pressure.

A break down below the bottom of the range for the day on Tuesday is a selling signal that should send this market back down to the 1.05 level given enough time.

A break above the top of the range for the day on Tuesday should send buyers back into this market and perhaps send the Euro back to the 1.09 level, perhaps even the 1.10 level.

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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