The EURUSD pair broke down during the day on Tuesday, forming a rather significant bearish candle at the 1.10 handle.

Ultimately though, we have to pay attention to the FOMC Statement, as it gives us an idea as to what the Federal Reserve is ready to do next.

Ultimately, it is not until we get that information that it’s going to be impossible to make any significant trades.

In fact, we believe that it’s probably best to stand on the sidelines during the session today as this market will be extraordinarily volatile.

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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