The EURUSD pair initially fell during the course of the session on Tuesday, testing the 1.12 level.

We did find a bit of support just below though, so it looks like we could turn around and go higher.

We are waiting to see some type of supportive candle in order to start buying, and that we would look to the daily and perhaps even for our charts for some type of hammer or impulsive candle to the upside.

We think that the market will try to go back to the 1.13 level above, which is the target. Ultimately, we could break above there as well.

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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