The EURUSD pair gapped at the open on Monday, as the French elections gave traders confidence in the EUR again.

This being the case, we reached all the way to the 1.09 level and then fell.

We still have a massive gap underneath that should offer support, so at this point in time I have no interest in selling.

I believe that we could pull back a little bit, but eventually the buyers will get involved. A break above the 1.09 level should send this market towards the 1.10 level after that.

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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