The EURUSD pair went back and forth during the course of the day on Monday, essentially settling nothing. Perhaps lack of volume was part of the problem as Americans were away for Labor Day.

That being the case, it still looks as if the 1.12 level above will be resistive, but the 1.11 level below is supportive.

We need to break out of this little consolidation area before we can make a real trade anytime soon.

With this, expect a lot of volatility in choppiness going forward. Having said that, we will eventually pick up volume after traders come back from summer vacation.

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.

Content curiosity of FOREXCycle