The EURUSD pair went back and forth during the course of the day on Friday, essentially settling nothing.

But the one thing that we did see was that the 1.11 level continues offer support, as does the area just above it.

With this, we believe that eventually the market will break out to the upside, and a move above the 1.12 level that is sustained will be bought by us as we believe the market will then head back to the 1.14 level.

We think that the uptrend line offers enough support, as does the 1.10 level below to keep buying.

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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