The EURUSD pair initially took off to the upside during the day on Thursday, but turned right back around below the 1.1350 level to form a shooting star.

The shooting star is of course a very negative sign, and as a result it makes quite a bit of sense that we could turn right back around and start dropping below the 1.12 level below.

I believe that this market will continue to punish the Euro going forward now, as the European Central Bank has suggested that the ultra-loose monetary policy will continue going forward, and as a result we should continue to see quite a bit of negativity in general.

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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