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The EUR/USD pair fell on Friday again, as we find the 1.3150 level far too tough for the buyers to take out. However, there is a trend line below that could provide support going forward. With this in mind, we are not ready to start selling the Euro yet, but would actually wait until we got to make a new low at the 1.28 level.
There is a potential for a new consolidation area to form between the 1.28 and the 1.3150 level, and as such we look at this more as a short-term trading opportunity. However, we do feel that there is serious potential for the Euro to start falling again as the European Union still awaits some type of debt deal for Spain.