The EURUSD pair fell initially during the day on Wednesday but found enough support just below the 1.08 level to turn things around and form a hammer.

If we can break above the top of the range for the session, I feel that the EUR will break out and start going towards the 1.10 level above.

Recently, we have made a higher low, so it would not be a huge surprise to see this happen.

The market is starting to anticipate that the ECB is going to lay off quantitative easing going forward, and then of course makes value hunters come out.

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.

Content curiosity of FOREXCycle