The EUR/USD pair broke down during the course of the session on Thursday, and as a result we are well below the 1.18 handle now. Keep in mind that the Swiss National Bank got rid of the currency peg that it had been holding onto at the 1.20 level in the EUR/CHF pair, putting significant downward pressure on the Euro in general. So while we have broken down, some of this is a bit artificial. Short-term rallies in the meantime should be selling opportunities as is market looks like it’s ready to break down even further.
