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The EUR/USD pair fell during most of the session, but bounced off of the 1.2950 area in order to form a hammer for the trading day. This does look rather bullish, but we have trouble thinking that this market will suddenly smash through the 1.3150 level. We simply think that this is a potential return to that level, but it does of course offer trading opportunities for those of you who are shorter-term traders.
In order to start selling, we would need to see a breaking of the bottom of Wednesday's range, or even more importantly the 1.28 level. At that point time, we would think that the momentum will have died for the buyers, and we would not only start selling, but would start selling aggressively.