The EURUSD pair went back and forth during the session on Thursday, essentially settling nothing as we printed a neutral candle.

The market still looks a very weak though, and as a result we favor selling at this point.

We need to find the right resistant candle after an attempt at a rally, and then we will join the fray.

Ultimately, we think this pair could go to the 1.33 handle. As for the upside, if we get above the 1.3550 level, we suspect that the market would then be heading back to the 1.37 handle.

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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