The EUR USD pair rose during the session initially on Friday, but as you can see pulled back enough to form a nice shooting star. The shooting star is at the 1.37 level, an area that we thought would be rather resistive. That being the case, it makes sense that we pullback from here if we break the bottom of the candle, as it would simply be a continuation of the consolidation that we’ve seen for a while. We think that’s going to happen, but we don’t necessarily like the idea of this pair breaking down, we think we are going to grind sideways for a while.
