The Euro fell from its high and traded lower on Friday talk that Ireland may need outside help to bail-out its financial sector and economic problems. Early Friday the Euro continued its surge to the upside on speculation that the Euro Zone recovery is outpacing the U.S. economic recovery.
The break from the high triggered enough selling pressure to erase all gains, setting up the a technical closing price reversal top.
Based on the range of 1.2644 to 1.3159, this market could correct back to 50% of this range at 1.2902 if the reversal pattern is verified. This pattern usually indicates the start of a 2 to 3 day retracement.
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