The euro spent most of the week trying to rally but as you can see, we have given back quite a bit of the gains. The 1.12 level above is a major resistance barrier, so it is not a huge surprise to see that we have pulled back from that region. By doing so, we ended up forming a shooting star and I think it is more likely than not that we will go looking towards the bottom of the overall range that extends down to the 1.0850 level. Looking at this chart, we are very much in a downtrend, and it looks as if we will continue as such.