The EURUSD pair broke above the 1.10 level again during the day on Monday, but still hasn’t completely broken out.

After all, we need to clear the 1.11 level in order to be free and clear of this area, and continue going higher.

We think that short-term pullbacks will offer buying opportunities though, because there is more than enough bullish pressure underneath every time we fall.

We don’t look for any type of massive move, just that the Euro currency tries to correct the fact that it had been so oversold previously.

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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