The EUR/USD pair initially tried to rally during the course of the session on Monday, but found the 1.12 level to be a bit too resistive. With that, the market looks like it is trying to break out to the upside but quite frankly doesn’t have the momentum. It’s been a fairly quiet session overall, so this is par for the course. The 1.10 level below should be massively supportive, so even if we pullback we believe that the buyers will step in. We have no interest in selling, and we do believe that ultimately this market should then head to the 1.15 handle.
