The EURUSD pair initially tried to rally during the course of the session on Tuesday, but fell significantly and broke down below the 1.12 level.

This signifies that the EUR/USD pair will more than likely try to reach down to the 1.10 level after that.

The rallies that appear from time to time in this market should continue to be selling opportunities on signs of exhaustion.

At this point in time, the market seems to be very negative, so therefore continuation or rather a break down below the bottom of the candle for the session on Tuesday should be a nice selling opportunity.

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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