The EURUSD pair fell hard during the session on Thursday as the European Central Bank surprised that the markets with a slight rate cut.

With that, the market looks as if it is going to continue selling, as the length of the candle is pretty drastic.

On top of that, we broke below the 1.30 level, and as a result I we feel that the market is going to go to the next significant support level, the 1.28 handle.

Down there, we would expect to see a lot of support, but right now with this candle it appears that every time this market rallies, it will be a 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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