The EURUSD pair went back and forth during the course of the session on Monday, as we continue to bounce around the 1.10 level.

This is a market that continues to be attracted to this level, an area that was once resistance, and should now be support.

However, it’s quite frankly going to be difficult to place any type of trade in this market, as Memorial Day of course would have affected liquidity.

If we can bounce above here, we believe that buying and heading towards the 1.14 level is what we will do next. If we break down below the 1.09 level, then we should head to the 1.06 level.

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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