The EURUSD pair initially fell during the day on Friday, but found enough support at the 1.0750 level to turn these around to form a hammer.

It looks now as if we are going to break out given enough time, but the 1.0835 level continues to fight against it.

Once we get above there, the market should be free to go to the 1.09 handle, and then eventually the 1.10 level above that.

Pullbacks should continue to attract value hunters, at least until we break down below the 100-day exponential moving average, pictured in blue on the chart.

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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