The EURUSD pair went back and forth during the course of the session on Monday, testing the 1.12 level for resistance.

This being the case, it’s likely that we will find sellers, but at this point in time it doesn’t look like we are willing to make any real serious move at this point in time.

I want to see some type of exhaustion near that I can sell, because quite frankly I think the turnaround has been a bit overdone.

It’s not until we break above the top of the uptrend line that we previously broke down through that I would consider buying.

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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