The EURUSD pair initially fell during the course of the session on Monday, but turn right back around to reach higher.

Because of this, it looks as if the market is trying to go higher but I think there is a lot of noise above that could cause quite a bit of trouble.

Exhaustive candles are more than likely going to be selling opportunities going higher, as the overall consolidation seems to be continuing.

I would not be comfortable going long at this point in time, so I’m simply waiting to see whether or not a get a selling opportunity.

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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