The EURUSD pair initially tried to rally during the day on Tuesday, but the Euro continued to struggle during the session, and slammed into the 1.34 handle.

With that, we feel that the market could continue to drop, and we have a target of 1.33 overall.

The 1.33 level is fairly supportive, and we would suspect a bounce should be coming after we reach that level.

At this moment in time though, we would look at rallies as selling opportunities, and would do so as quickly as signs of weakness entered the market after doing so.

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.

Content curiosity of FOREXCycle