The EURUSD pair initially tried to rally during the course of the day on Monday, but turned back around to form a bit of a shooting star.

That being the case, the market ended up showing signs of weakness and I believe that the Euro is going to continue to fall from here, perhaps reaching down to the 1.10 level below.

That’s an area of that should continue to show quite a bit of interest by traders, because quite frankly the area has been massively supportive recently as we have seen this market bounce several times from there.

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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