The EURUSD pair went back and forth during the session on Thursday, showing that the 1.35 level would of course continue to be supportive.

With this being the case, the market feels as if it’s ready to bounce from here, and then could head back towards the top of the consolidation area at the 1.37 handle.

With that, we are bullish on a supportive candle, or a break of the top of the range for the Thursday session.

We have no interest in shorting this market until we closed well below the 1.35 handle, which at that point in time we would expect the market to go to the 1.33 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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