The EUR/USD pair broke higher during the course of the session on Friday, as the jobs number came out very light. With that, the US dollar sold off initially, but we believe that traders are starting to look for safety at this point, shunning everything but that currency. That’s one of the great paradoxes of the US dollar, a bad US economy actually strengthens it as it is normally used for safety. That being said, we believe that this market continues to bounce around in this general vicinity but recognize that the sellers are probably in control for the moment. The 1.11 level below should be massively supportive.
