The EURUSD pair initially tried to rally during the session on Wednesday, but as you can see turned back around and close towards the end of the day, forming a negative looking candle. The range was pretty small though, so as you can see it appears that the breakdown is slowing down a bit.

If we continue falling though, we still believe that this market goes to the 1.33 handle given enough time.

If we bounce from here, a resistant candle above would have a start selling yet again as we believe the 1.35 level should now be resistance.

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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