The EURUSD pair initially tried to rally during the course of the session on Monday, but then broke down at the 1.1350 level.

By doing so, it looks as if we are going to continue to be choppy, but given enough time I think there is enough momentum underneath to continue to try to break above the top of the recent resistance barrier.

Because of this, I think that short-term traders will return to this market again and again. Ultimately though, it is the summertime, and as a result liquidity as low.

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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