The EUR/USD pair fell during the session on Wednesday, but remains within the consolidation area that we had been in previously. With this, we really don’t see much in this chart to get excited about, and therefore are on the sidelines. We also believe that the market will ultimately bounce around between the 1.37 level on the bottom, and the 1.3975 level on the top over the next several weeks. If we can break above the 1.40 level, we believe that is an extraordinarily bullish sign, and would be a longer-term buy-and-hold signal. On the other hand, if we managed to break down below the 1.37 level, we think at that point time the market could fall apart.
