The EUR/USD pair broke down during the course of the session on Tuesday, breaking below the hammers that we had seen form. That being the case, it is a fairly negative sign, and if we can continue lower and below the bottom of the range, we would be sellers. However, it is possible that we simply grind away around the 1.18 level until we get the decision out of the European Court of Justice. That comes out today, and can have a massive influence on what the ECB does, as far as monetary policies concerned. Honestly, we are much more comfortable sitting on the sidelines until today is over in order to form a new trade.
