The EURUSD pair did almost nothing during the session on Monday, as the market sits right on top of the 1.3750 level, an area that we know is supportive.

That being the case, it appears that the support level should continue to hold, all the way down to the 1.37 level.

With that, we are waiting to see whether or not we get the right supportive candle, but right now cannot sell as we are sitting on top of such significant support.

For the next couple of days, we will probably have to sit on the sidelines until the market decides what it wants to do.

 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 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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