The EUR/USD pair broke down during the session on Thursday, testing the 1.2250 region. Because of this, we feel that the market will more than likely try to break down given enough time, but it’s difficult to sell until we break down below that level with a significant move. Once we do, we feel that the market goes down to the 1.20 handle, which is our longer-term target. Any rally at this point time should be a selling opportunity and as a result we are very negative of this market in general.
