The EUR/USD pair initially tried to rally to the 1.25 handle, but as you can see Thursday was far too resistive and negative to hang onto the gains. Because of this, we ended up crashing towards the 1.2350 level, an area that we believe is significant support. Once we get below there, we are sellers again, as we believe that this market will then head down to the 1.2250 level given enough time. We are most certainly in a downtrend, and do not have any interest whatsoever in fighting it as the US dollar is by far the favored currency in the world right now.
