The EUR/USD pair rose during the course of the day on Monday, breaking well above the 1.10 handle, and testing the 1.11 level. Because of this, we feel the market will continue to go higher, probably heading towards the 1.12 level given enough time. With this, we are buyers of short-term pullbacks, but are not willing to be married to any position at the moment. Quite frankly, the Euro should continue to be volatile, and we do not anticipate anything different in the near term. We are bullish, but very cautious at this point in time.