The EUR/USD pair initially tried to rally during the course of the day on Thursday, but struggled at the 1.13 region. Because of this, we ended up giving back about half of the gains which course doesn’t exactly instill a lot of confidence. We believe that short-term traders will continue to push this market back and forth, and as a result it’s almost impossible to trade this market for anything more than a short-term move. We believe that there is support below at the 1.11 level, and massive resistance at the 1.13 level. In the meantime, we fully anticipate this market going back and forth in this small area.
