The EURUSD pair broke to the upside during the day on Tuesday, but turn right back around to form a bit of a shooting star.

With this, I believe that the market will continue to favor selling opportunities on short-term moves, and eventually we could break down below the 1.10 level, because the larger term consolidation area between the 1.15 level and the 1.05 level below continues to drive the market overall.

I do believe that this market will continue to face quite a bit of bearish pressure as there is a lot of uncertainty in the European Union 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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