The EUR/USD pair tried to rally during most of the day on Thursday, but as you can see struggled as we get close to the 1.25 handle. Because of this, we did of giving up about half of the gains which of course makes sense considering that the nonfarm payroll numbers come out today. Most people will be willing to get out of the market at the end of the day, as the volatility should pick up this morning. We believe that rallies all the way to the 1.26 level will offer selling opportunities as the Euro simply cannot be bought at this point.
