The EUR/USD pair fell on Monday, only to bounce later in the US session. Even with a failed EFSF bond auction, the Americans continue to buy the Euro. The pattern is becoming obvious: Europeans sell, Asians sell, and the Americans are buying. If you are a short-term trader, this is important information. If you are looking at the daily charts, you can see a hammer forming that looks like this pair wants to rise. However, the 1.39 – 1.40 area is just ahead, and you would have to think it will be massively resistive. We prefer selling rallies overall.