The EUR/USD pair broke down during the course of the session on Wednesday, testing the 1.12 handle. That being the case, it looks like we are going to continue to go lower, probably aiming for the 1.20 handle given enough time. Any rally at this point time should be a selling opportunity and we will treated as such. The euro is very soft, but the 1.20 level is in fact a significant support level on longer-term charts. With that being the case, we are looking for supportive signs down there, but in the meantime we are still very negative.