The EURUSD pair had a slightly positive session on Wednesday, but quite frankly was a bit on impressive.

We believe that the market sitting flat in this area is a reasonably decent sign for the buyers though, as at least the downward motion has subsided.

We believe that the uptrend line that is just below should continue to support this market, as well as the 1.10 level. We feel that it’s only a matter of time before the market bounces from here, so we do favor the upside but do not have the signal to start buying quite yet.

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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