The EUR/USD pair broke down during the course of the session on Friday, breaking the bottom of the hammer from the Thursday session. We even went below the 1.25 level at one point in time, but at the end of the day we ended up bouncing back above it. If we can break down below the 1.32 level on a daily close, we would be very bearish and we would continue to sell this market. We would also sell rallies the show any hints of weakness up until the 1.28 handle as the sellers are most certainly in control.
