The EUR/USD pair tried to break out to the upside, but fell rather hard and closed well below the 1.25 level. The 1.26 level of course was resistive, and as a result we continue to see the sellers step into this marketplace every time it rallies. We believe that the market is eventually going down to the 1.2050 region, so therefore we are bearish and rallies are simple selling opportunities as the US dollar should continue to be one of the favored currency by Forex traders around the world. On the other hand, the Euro continues to get punished.
