EUR/USD had a fairly quiet day during the Thursday session as the 1.30 level came into play to offer support. The area is a major one, and the 1.29 would need to be broken in order to consider the next move down. With this in mind, it is likely that we will see either a bounce or a sideways grind for the near-term.
Because of this, we are currently flat in this market. Although there is significant bearish attitudes towards the Euro at the moment, the area should entice value investors looking for the Euro on the cheap. Breaking below the 1.29 level has us selling, while we won’t buy at the moment. We also would sell rallies that fail up above at the 1.32 to 1.33 range.