The EUR/USD pair fell slightly during the course of the session on Monday, clearing the 1.12 level. With this being the case, the market should continue to go lower. I think that we will try to reach towards the 1.11 level where we had seen quite a bit of support recently. This is based upon the fact that the Federal Reserve Chairwoman has stated that interest-rate hikes are not off of the table when it comes to the September meeting. With this being the case, US dollar has strengthened overall as markets have to readjust.