The EURUSD pair initially fell during the course of the day on Wednesday, but below the 1.11 level we found a bit of support.

Because of this, we expect the market to bounce somewhere in this area, and we also recognize the 1.10 level as massively supportive and essentially the “floor” in this market.

We are looking for some type of supportive candle in order to start buying, and we will do so.

We have no interest in selling until we break down below the 1.10 level on at least a daily close, so this point time we are still essentially looking to be “buy only” as far as this market is concerned.

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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