In the EURUSD pair tried to rally during the course of the day on Monday, but as you can see gave back most of the gains. In the end, we ended up forming a shooting star which is a very bearish candle, and even more so when it comes at the bottom of a downtrend.

This means that the buyers couldn’t even push the market higher at all basically by the end of the day.

In other words, this market is ready to continue falling, and probably heading down to the 1.33 level that we have been targeting for some time.

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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