The EURUSD pair broke down below the bottom of a couple of hammers during the Friday session, so therefore if you we are getting ready to go even lower.

I think that the 1.09 level will be targeted first, and then eventually we will try to work our way all the way down to the 1.05 level over the longer term.

Short-term rallies offer selling opportunities, as the European Union continues to see money flow across the Atlantic Ocean into the United States.

With all the uncertainty in the EU, I don’t see any reason why this trend changes but I do not expect some type of meltdown.

Editor’s Note: Equity investors/traders can use the Currency Shares Euro Trust (FXE, quote) ETF to take positions in the euro without a FOREX account.  The ETF looks to track the price of the euro (EURUSD), minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.

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