The EURUSD pair initially fell during the day on Tuesday, but found the 1.10 level to be supportive enough to turn the market back around.

By doing so, it shows that the 1.10 level continues to have a significant influence on this market, but is what we would consider to be a “minor” support level.

If we can break the top of the hammer for the session, we would be buyers as the market should then head to the 1.12 handle.

On the other hand, if we break down below the bottom of the 1.10 level, the market could sell off to the 1.08 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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