The EURUSD pair initially tried to rally during the day on Monday, but found far too much in the way of resistance near the 1.13 level.

This is the area that has been resistive again and again, and we also recognize that the market will more than likely reach down towards the 1.11 level.

This is a tight consolidation area, so quite frankly we are not putting much money into this marketplace but do recognize that buying binary options on the edges of the consolidation area may be the way to go going forward.

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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