The EURUSD pair initially fell during the day on Monday, but then turned back around to form a bit of a hammer.

The hammer of course is a bullish sign but I also have the previous uptrend line causing a bit of resistance just above.

With this being the case, I have no interest in trading this market at this moment, but given enough time we should get some type of impulsive candle that we can follow.

With all of the concerns in the European Union at the moment, it would not surprise me if we got a selling opportunity fairly soon.

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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