The EURUSD pair fell during the course of the session on Wednesday, testing the 1.1050 level.

This is an area that had previously been resistive, and it should now be support. We did bounce from there, and therefore looks as if we could go higher from here if we can break above the top of the range for the session on Wednesday itself.

With this, we believe that the market will eventually go higher but at this point in time we do not have the signal to start going long 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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