The EURUSD pair initially fell during the course of the day on Wednesday, but found enough buying pressure underneath to turn things back around and form a bit of a hammer.

The hammer of course is a bullish sign and as a result it’s likely that the buyers may step into this market.

However, keep in mind that the ECB has an interest rate decision coming out today, and more importantly a press conference. Because of this, we could get quite a bit of volatility, and with that it’s more than likely going to keep us on the sidelines until we get a daily close.

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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