The EURUSD pair initially rallied during the course of the day on Tuesday, testing the 1.1050 level.

With this, the market looks as if it isn’t quite ready to break out yet, but breaking above the top of the shooting star for the Tuesday session would be an excellent signal to start going long.

After all, the weekly candle from last week was a hammer which of course is very bullish as well.

In the meantime, unless we break above the top of that shooting star, we have no interest whatsoever in being involved in the market. With that though, we would without a doubt start buying.

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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