The EURUSD pair initially tried to rally during the day on Tuesday, but pullback in order to form a relatively benign candle.

That being the case, looks as if the market could drop from here but we have the FOMC Statement coming out today, and that could greatly influence where this market goes next.

With this being said, it is probably best to wait for a daily close before making any type of trading decision as the volatility during the day on Wednesday is going to be extreme to say the least.

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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