The EUR/USD pair fell during the session on Wednesday, but as you can see bounced enough to form a hammer.

This hammer suggests that the market is going to stay noisy after forming a shooting star on Tuesday, and as a result it’s almost impossible to place any real faith in this market at the moment, and because of that we are on the sidelines.

We believe that the 1.3650 level continues to offer support, while the 1.38 level continues to offer resistance. With nonfarm payroll coming on this Friday, it’s hard to believe that this market to make any significant moves.

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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, 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.