The EURUSD pair initially tried to rally, but Wednesday action sell the market fall down to the 1.37 level.

This of course is a fairly weak looking candle as it is a shooting star. A break below this candle could send this market lower, heading down to the 1.35 handle.

However, a break above the top and more importantly we need to break above the 1.3750 level on a daily close in order to buy as it would show resistance giving way.

If we do that, then more than likely we would head to the 1.39 level.

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 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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