The EUR/USD pair initially fell during the course of the session on Tuesday, but found enough support below to turn things back around and form a bit of a hammer. Because of this, we feel that the market should continue to grind around the 1.12 handle. We believe that the market is going to be fairly tight, and as a result it shows that there is a significant amount of bullish pressure as far as the Euro is concerned. Ultimately, we think it is easier to buy the Euro against other currencies though, as there is so much noise between here and 1.15 above.
