The EURUSD pair initially tried to fall during the course of the session on Monday, but we turned back around and broke above the 1.10 level.

Because of this, we feel that the markets probably going to try to continue to go higher but quite frankly the 1.10 level right now is essentially “fair value.”

In other words, the market is going to be attracted to that level again and again.

We feel that this is probably a market that’s going to be much easier to deal with from the sidelines as of volatility and the choppiness should continue.

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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