The EURUSD pair fell slightly during the course of the day on Monday, as we continue to see quite a bit of volatility.

It appears now that the 1.13 level will remain rather resistive, but at the end of the day we believe that this market will probably break above there.

Once it does, it will go to the 1.15 level after that, as it is the next major level. Pullbacks from here should have plenty of support though, and we believe that the 1.1050 level below is the absolute “floor” in this market.

Short-term sellers could make some money here, but we prefer to go with the overall impulsivity to the upside.

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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