The EURUSD pair fell during the course of the day on Monday, but we are approaching a bit of support at the 1.1050 level, so at this point in time we will more than likely find a supportive candle in order to start buying again.

We have broken out recently, and to come back down here to retest that previous resistance for support is classic technical analysis.

At this point, we don’t have the right candle to start buying though, so with this we are on the sidelines and simply waiting to see whether or not the buyers return.

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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