The EURUSD pair initially tried to rally during the course of the day on Wednesday, but found the area above the 1.10 level to be a bit too expensive.

Because of this, we ended up falling but we see support all the way down to the 1.09 handle.

With this, we are looking for supportive candles in order to serve buying, but certainly do not have that yet.

We have no interest whatsoever in shorting this market until we get below the 1.09 level, which at that point in time we think things would get rather ugly.

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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