The EURUSD pair initially fell during the session on Tuesday, but found enough support below to turn things back around and form a hammer.
This hammer suggests that the market is ready to go higher, perhaps testing the 1.37 level.

We don’t think that the market will go much higher than that, as there is a significant amount resistance in that area.

In fact, the resistance area extends all the way to the 1.3750 level, and it is not until we get above there that we feel comfortable taking a longer-term long position.

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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