The EUR/USD pair initially fell during the course of the session on Monday, but turned back around to show a relatively positive candle. That being the case, the market looks as if it should continue to go higher but we also recognize that there is a lot of noise at the 1.13 level. All in all, we believe that the market is consolidating in general with a slightly upward bias. The 1.11 level below is support, and the 1.13 level of course is resistance. In the meantime, we feel that this market is probably one that can only be traded from a very short-term chart, and therefore we don’t really have any interest in risking any money in it at the moment.
