The Euro has turned around completely during the day on Friday, wiping out the losses from the Thursday session in what has been a brutal reversal. The 1.13 level has offered significant support, and I think at this point the market is trying to bottom. The 61.8% Fibonacci retracement level is underneath at the 1.12 level, and I think that is trying to be the absolute bottom of the retracement. However, even though I think we are going to tilt to the upside, I believe that the move higher is going to be more of a grind and I do not think we will see big moves. This is going to be a market that is going to take a lot of patience to take advantage of. The 1.15 level above is massive resistance just as the 200 day EMA is.

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