The EUR/USD pair gapped lower at the open on Monday, but then turned around to rally a bit. We are currently consolidating around the 1.1950 level, and that this market should continue to be difficult to trade for a longer-term move. If we can break above the 1.20 level, that would be a very bullish signal. Alternately, if we pull back, I would anticipate that the 1.1875 level underneath should be supportive. Expect a lot of noise in this market, and quite frankly I will be on the sidelines over the next day or so until things become a bit clearer.
Written by FX Empire