The EUR/USD pair fell during the course of the session on Friday, breaking below the bottom the hammer from the Thursday session. That being the case, it looks like the market is ready to continue to drop, perhaps heading down to the 1.05 handle. We have no interest in buying, and we look at rallies as potential selling opportunities until we get well above the 1.10 level. With this, we are sellers but we also recognize that there is a lot of volatility in this market, as doubt still surrounds the viability of the monetary union.
