EUR/USD pair went back and forth during the course of the day on Thursday, remaining within the consolidation area we have been in for some time. The 1.30 level above is should continue to offer significant resistance, but ultimately we think that any move towards that area will end up being nice selling opportunities. With that, we feel that the market should head back down towards the 1.28 level, given enough time as it is a large, round, psychologically significant number. Any bounce from here won’t be taken seriously until we clear the 1.3250 level above, as that’s where the gap was formed.
