The EUR/USD pair broke higher during the session on Friday initially, clearing the 1.12 level. However, the area offered enough resistance to turn things back around and form a nasty looking shooting star. This is at the very top of the resistance barrier that we had anticipated seen, which started at the 1.10 handle. Because of this, we feel that this market is ready to pull back probably looking for support somewhere near the 1.10 handle again. On a break of the bottom of the shooting star, we believe that this market starts to fall, although we do not expect any type of meltdown.
