The Euro initially tried to rally during the trading session on Monday, but then rolled over later in the day in what would be a somewhat illiquid environment as the Americans were away for Martin Luther King Junior holiday. That being the case, I wouldn’t read too much into the candlestick though, and I would also point out that we are still in the “rounded bottom” that I’ve been looking at. The question now is whether or not we can stay above the 1.13 level? If we can, then I think there’s a good chance that we do rally eventually. That doesn’t mean that it’s going to be easy, because quite frankly this pattern tends to be very slow moving at best. If we do break down below the 1.13 level, then we could drop another 50 pips or so, perhaps even 100 pips.

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