The EUR/USD pair initially tried to rally during the course of the day on Friday but found the 1.12 level be far too resistive as we anticipated. Because of this, it looks like we are going to continue to consolidate, which means we should then head to the 1.10 level given enough time. We are sellers on a break below the bottom of the range for the Friday trading session, however we do recognize that a move above the 1.12 level would signal that we may have to start buying instead. Ultimately, the one thing that we do know that is about to happen is choppiness.
