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EUR/USD rally during the session on Thursday after the head of the European Central Bank, Mario Draghi suggested that he was ready to do "whatever it takes" to keep the Euro viable. The truly interesting thing about the statement was that there was nothing new in it. However, the markets took it as such, and we saw a surge to the 1.23 level. This area however, is the first serious resistance area and it looks like the pair has failed to climb above it so far.
We think that any rally in the Euro is simply an invitation to sell from higher levels. This knee-jerk reaction will more than likely be more of the same, and as such we are looking for weak candles from which to sell again. The thought of buying the Euro hasn't even entered our thought process.