The EURUSD pair initially tried to rally during the day on Tuesday, but turned right back around to form a shooting star.

The shooting star of course is a negative sign, and as a result it looks as if we are going to continue to try to grind lower.

I still of a target of 1.10 going forward, but I think it might be a bit bouncy all the way down there.

Short-term rallies that show signs of exhaustion could be selling opportunities going forward, and at this point in time I have no interest in going long.

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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