The Euro currency was in free fall for nearly a year as the world thought it was heading to parity with the U.S. Dollar. The further it fell, the more they talked about it. Parity appeared to be right around the corner. However, the market’s internals began to re-balance themselves as the commercial traders stepped up to defend even money to the tune of a new net long record position being set as the Euro currency traded down to $1.05 vs. the U.S. Dollar. This is when things got interesting.