The EURUSD pair went back and forth on Monday, essentially settling nothing as we continue to hang about the 1.3600 level. This area is a bit of a magnet for traders, as it is in the middle of a larger consolidation area.

With that, we don’t really see much in the way of trades being taken at this point in time, and will wait until we get supportive action near the 1.36 level in order to start buying, or selling and the 1.37 level on signs of resistance.

In the meantime though, we are simply on the sidelines.

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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