The EURUSD pair went back and forth during the course of the day on Monday, as we continue to flood sideways.

Ultimately if this point in time, the 1.10 level on the bottom is supportive, while the 1.12 level on the top is resistive.

I feel that the market is still consolidating sideways overall, and as a result it’s probably best to leave this particular market alone.

However, some people will be willing to go back and forth on short-term charts and at this point in time it does appear that those 2 levels are going to continue to contain the market overall.

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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