The EURUSD pair did very little during the day on Monday, as we continue to hang just above the 1.13 level.

Because of this, the market doesn’t really attract much attention from us, although we do think that sooner or later the buyers will return.

We could drift as low as the 1.12 level, as it is massively supportive, and therefore attractive to market participants.

Nonetheless though, we believe eventually this market will rally a bit. We are not looking for massive moves; we recognize that the market is far too tight at this point in time for something of this magnitude.

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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