The EUR/USD pair broke higher during the course of the day on Monday, testing the 1.2650 region. With that, it appears that the market is running into significant resistance, and as a result the market will more than likely find sellers between here and the all-important 1.28 handle. We are waiting for that resistive candle in order to start selling, and would not hesitate to do so as the Euro continues to suffer in general. With that, we have no interest in buying and we believe that this market will eventually break below the 1.25 level, but we need to build up enough momentum to break down.
