The EURUSD pair went back and forth during the course of the day on Monday, ultimately showing quite a bit of support just above the 1.1050 level.

That level was significantly resistive in the past, so it makes sense that the buyers are attracted to this area now that we have broken above it.

The Euro looks as if it is ready to continue going higher, and perhaps try to make a move to the 1.15 level above.

With no interest in selling this pair at the moment, at least not until we break back down below the 1.10 level, something that doesn’t look ready to happen anytime soon.

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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