The EURUSD pair initially tried to rally during the day on Thursday, but turned right back around to fall fairly significantly during the day.

The previous uptrend line acted as resistance, and now it appears that we will probably try to grind our way down to the 1.10 level, and then perhaps even lower than that.

With as much uncertainty as there is in the European Union, it makes sense that the Euro will continue to be sold off against the US dollar as it tends to be a fairly attractive currency when people are looking for safety.

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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