The EUR/USD pair initially fell during the course of the session on Friday, but after the Nonfarm Payroll Numbers came out, the market then turned back around and reach towards the 1.10 level. Because of this, we ended up forming a bit of a hammer. We think that this market will more than likely continue to consolidate between the 1.08 level and the 1.11 level above, with the 1.10 level essentially being “fair value.” Because of this, we are actually going to step to the side of this particular pair, as it is going to be a bit tight in our opinion.
