The euro fell a bit last week as we continue to see the downtrend play out. Ultimately, this is a market that I think will drag down towards the 1.0850 level. It continues to be very choppy but more with a downward slant than anything else. I think it is not until we break above the 1.12 level that you can take any rally seriously. Until then, I will be fading short-term rallies and looking for short-term gains.