The EUR/USD pair bounce during the session on Monday, breaking above the 1.38 level by the end of the day, but giving back quite a bit of the gains nonetheless.

Because of this, we feel that this market continues to chop around in this general vicinity, and this will of course make trading the market a bit difficult.

This is a short-term traders market at best right now, but if we managed to break down below the 1.37 level, we feel that selling at that point in time could be done.

On the upside, we have a lot of noise at 1.40 to work through in order to start buying for a longer-term trades.

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, 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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