The EURUSD pair initially fell during the course of the day on Monday, but as you can see we bounced slightly in order to form a bit of a hammer.

However, the range was very tight, and as a result we believe that even if we do see some bullish pressure now, it’s going to have a fight on its hands to get above the 1.35 handle.

With that, we are more than comfortable sitting on the sidelines waiting for the market to come to the 1.35 region in order to sell the first signs of weakness.

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