EUR/USD pair fell hard during the course of the day on Friday, slamming into the 1.25 level. That of course is a large, round, psychologically significant number. That is a major support barrier, and as a result a bounce from here would be a huge surprise. However, if we close below the 1.25 level, we feel that this market will then make its move down to the 1.20 handle over the next several weeks. We have no interest in buying this market, and look at any rally at this point in time as a potential selling opportunity.
