The EUR/USD pair broke higher during the course of the session on Friday, crashing into the 1.12 level. There is an uptrend line just above though, and I have seen quite a bit of resistance at the 1.12 level in the past. So the question then becomes whether or not we can break out to the upside. I’m not interested in buying this market until we get above the uptrend line above, so I feel that any signs of exhaustion should be a nice selling opportunity as we continue to turn around and reach towards the 1.10 level on the bottom again.
