The EURUSD pair tried to rally initially during the session on Thursday, but turned back around and crashed into the 1.10 level, an area that has been supportive.

The area extends all the way down to the 1.09 level, which makes this more of a support “zone”, and with that we believe sooner or later the buyers are going to come back into the marketplace pushing the Euro higher.

We are buyers on supportive candles on short-term charts, as the market should head back towards the 1.1150 handle.

We have no interest in selling until we get well below the 1.09 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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