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The EUR/USD pair managed to fall yet again during the Thursday session, and even break down below the 1.23 level. However, by the end of the session we saw the 1.23 level attract buyers again, and it appears that this market is trying to find support at this point in time.
While we remain bearish on the Euro at this moment in time, we think that perhaps there is a little bit of fight left in this currency pair at the moment. The 1.25 level is certainly going to be very resistive, and as such we would love to see the market try to rally for that area so we can sell any failed rallies.
We are selling a break of the lows from Thursday, but must admit we prefer to sell rallies at this point as the Euro seems to attract hope regardless.