The EURUSD pair initially tried to rally during the course of the session on Tuesday, but found the 1.10 level to be a bit too resistive.

With this, we ended up forming a shooting star we think that the market will probably break down towards the 1.08 handle.

With the Nonfarm Payroll Numbers coming out later this week, this pair could search to drift towards the US dollars favor as people anticipate positive numbers.

At the end of the day though, we feel that the market will continue to be choppy and consolidating over the course of the next few weeks.

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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