EURUSD pair initially tried to rally on Monday but then spent most of the day falling.

Now that we fell below the 1.09 level, this market should try to grind its way down to the 1.08 level.

That area should be massively supportive though, so this is a short-term selling opportunity.

If we break down below there though, this market really could kind of come undone.

Short-term rallies that show signs of resistance should also be selling opportunities as the downtrend is very strong at this point in time in looks to continue going forward.

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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