The EURUSD pair initially fell during the day on Tuesday, but found enough support below to turn things around and skyrocket higher.

We broke above the 1.1250 level, and it now looks like we are going to test the 1.13 level yet again. This is an area that we been calling for an attempt on recently, and it certainly looks as if the buyers have taken over again.

Pullbacks on short-term charts could be buying opportunities as well, but given enough time, we feel that this market will not only break above the 1.13 level but start to target the 1.15 handle after that.

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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