The EURUSD pair initially tried to rally during the course of the day on Friday, but gave back about half of the games in order to form a shooting star.

As you can see, we are still very much consolidate is a therefore it’s likely that the markets are going to continue to be choppy.

I have no interest whatsoever in trading this market at the moment as I believe that we are simply grinding away and is going to be an absolute account killer if you aren’t careful.

Because of this, I remain on the sidelines.

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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