The EURUSD pair initially tried to rally during the course of the day on Friday but turned back around as we face a significant amount of pressure at the 1.11 handle.
By doing so, we did up forming a shooting star which of course is negative but we also have a significant amount of support just below on the uptrend line.
The uptrend line is the bottom part of an ascending trying to from a longer-term chart, so this point in time we are going to step on the sidelines as the market seems to be a bit confused.
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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