The EURUSD pair fell during the session on Wednesday, as we simply grind away in the current area while we await whatever it is that the European Central Bank has decided. With that being the case, expect this market to be a bit choppy during the session but the real problem is going to be whether or not we can find any follow-through.

Remember, tomorrow is nonfarm payroll, so at the end of the day we probably will stay out of this pair regardless.

That being said though, it is likely that the euro has an upward bias because it has been oversold and the ECB has a long-standing history of disappointing the markets.

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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