The EURUSD pair rose during the course of the day on Monday, as the market broke back above the 1.09 level.

Ultimately, we feel that this market is simply consolidating between the 1.08 level on the bottom, and the 1.11 level on the top.

With that, we think that the market should continue to go higher, but would wait until we broke above the top of the trading range for the Monday session in order to start buying.

We have no interest in selling at this moment, as we believe that any pullback will more than likely show signs of support.

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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