The EURUSD pair rallied initially during the day on Tuesday, filling the gap from Monday.

However, you can see that we turn right back around and we are now looking very soft and could very well drift below the 1.10 level.

If we can break down below there, market could continue to go much lower and I still believe that short-term rallies will offer selling opportunities on short-term charts as this market is certainly bearish and of course there are so many unknowns when it comes to the European Union at this point in time.

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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