The EURUSD pair initially fell during the session on Monday, but found enough support below the 1.36 level in order to continue going higher.

This market of course formed a hammer for the day, which seems to be very strong and because of this we feel that the market will probably continue to go higher and head towards the 1.37 handle.

The 1.37 level has in fact been very resistant, and as a result we feel that the market was simply bounce a bit from here, only offering a short-term trading opportunity as far as we can see.

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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