The EURUSD pair initially tried to rally during the day on Monday as we gapped at the open, but at the end of the day we did up turning right back around and filling that gap.

At this point in time, you have to think that there is a slight advantage for the Euro because it’s not uncommon to fill the gap and then bounce again.

However, this is mainly in reaction to the most recent polls coming out of the United Kingdom.

Ultimately, this is a pair that will remain volatile so it is going to be difficult to trade but I believe that we bounce around between the 1.12 and the 1.14 levels in the meantime.

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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