The EUR/USD pair had a positive session on Friday, breaking the top of the hammer for the Thursday session which of course is a strong buy signal. However, there is a significant amount of resistance just above going all the way to the 1.37 level at the very least, and as a result we are very hesitant to start buying now. We believe that ultimately this market should continue to stay in the consolidation area that we have been in for some time, thereby making it a very difficult market to get overly excited about. We are on the sidelines.
