EUR/USD fell hard and through the all-important 1.35 level on Thursday as traders sold all risk-related assets around the world. The USD was bought hand over fist and the Euro was sold in general as the problems in the EU are still at the forefront of the trading world’s mind. The pair is certainly bearish, and this breakdown is a very, very bad sign. 1.35 could be resistance, and as such we would be willing to sell on weakness there – or on rallies in general when they start to fade. We cannot buy the Euro at this point as there are simply too many issues in the EU involving debt and banking at this point.
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