The EUR/USD pair tried to break out to the upside during the session on Tuesday, but ran into a significant amount of resistance above the 1.06 level. Because of this, the market ended up falling and forming a shooting star, which of course is a very negative sign. We believe that the market will then head down to the 1.05 handle, which has been supportive. We believe that a break down below there of course sends the Euro down to the parity level, which is our longer-term target now anyway. We have no interest in buying.
