The EURUSD pair fell during the course of the day on Monday, continuing to show a bit of a downtrend, and consolidating in this general vicinity. We believe that the 1.33 level is the significant support that the market will look for, and ultimately that’s where we would go.

We believe that the market is looking for that area, and as a result we are sellers short-term, and then look for some type of supportive candle in the 1.33 area to turn things back around and perhaps bounce size 1.35.

At this point time, we believe that short-term trading will continue to be the way of the market.

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.

Content curiosity of FOREXCycle