The EURUSD pair rose during the course of the session on Thursday, slamming into the 1.10 level.

With that being the case, the market did test the significant resistance barrier.

We feel that this market can break above here, it could very well find its way back to the 1.12 level, but we also recognize that there is a lot of noise between here and there. In other words, we would probably by the Euro, but not necessarily against the Dollar.

On the other hand, if we form some type of resistant candle right here, we would be willing to short this pair.

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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