The EURUSD pair fell during the session on Thursday, but you can see found enough support to bounce and form a hammer.

This hammer suggests that we are experiencing quite a bit of buying pressure, and it should go towards the 1.37 handle.

However, that level should be fairly resistive, so we still feel that this market is going to be very choppy.

We have no interest in buying or selling this market at the moment, and simply are on the sidelines using this as a barometer as to whether or not the Euro is strengthening or weakening, and trading it against other currencies.

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