The Euro tried to rally during the day on Wednesday, but struggled above the 1.15 level again.

By doing so, we ended up forming a bit of a shooting star and it looks as if we may need to drift a little bit lower in order to entice buyers back into this marketplace.

On the other hand, if we do not drift lower and we simply break higher and above the top of the shooting star for the session, we believe that the market will then try to go much higher and reach towards the 1.16 level yet again.

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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