The EUR/USD pair fell hard during the session on Friday, breaking down below the 1.24 level. With that being the case, look like the sellers are in complete control and we should continue to go much lower. We have a longer-term target of 1.2050, and we think it rallies between here and there will offer selling opportunities. We have no interest whatsoever in buying this market, because we think that the “writing is on the wall”, as the Federal Reserve has decided to exit quantitative easing while the European Central Bank will probably have to step on the accelerator.
