The EURUSD pair initially tried to go higher on Monday, but turned back around to form a slightly negative candle.

The area just below the 1.12 level is massively supportive, and as a result it makes sense that the pair essentially just stopped in this area.

The market breaking above the top of the candle for the session on Monday would be reason enough to start buying, so I think that the market moving up there would bring in a lot of buyers.

On the other hand, if we break below the 1.1150 level, the market should reach towards the 1.10 handle sooner or later.

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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