The EUR/USD pair did very little during the day on Monday as we approached the 1.10 resistance barrier. The 1.10 level of course is psychologically significant, so having said that it makes sense that we would struggle. This is an area that also features the Fibonacci retracement level of 50%, which of course is very important overall. On top of that, we have been consolidating for some time, so it makes sense that we would drift lower from here. On a break below the bottom of the range for the Monday session, we are willing to sell, but recognize that it is going to be choppy.
