The EURUSD pair broke higher during the session on Wednesday, but could not break out to the upside.

With that being the case, we feel that the market is probably going to attempt to go higher, but quite frankly there’s so much resistance that we are hesitant to start buying.

In fact, we still have no real interest in trading this market as such a horrible GDP number coming of the United States today couldn’t give the Euro enough juice to gain significantly.

If that could move things in the direction of the Euro, that shows just how tight this market is.

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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