The EUR/USD pair broke down during the session on Thursday, clearing the most recent low. Because of this, it appears that the Euro will continue to fall, probably heading to the 1.05 level. We have no interest in buying this pair, and we recognize that short-term rallies that will come from time to time will more than likely be selling opportunities as they represent value in the US dollar. We believe that the bearish pressure will more than likely accelerate now, and if we can get below the 1.05 handle, we should more than likely head to the parity level.
