6th December EUR/USD Review: New York Session Supports Downtrend

This is an afternoon review of the European Session and a follow up from the following article:

http://www.fxempire.com/technical/technical-analysis-reports/6th-december-2012-eurusd-review-downtrend-in-the-short-term-is-likely-to-persist/

Today is a tricky day for most traders as the European session started off bullish with favorable German Factory Order News but only sees it wiped out in the New York Session. After the bullish session, the market dipped before initial jobless claims report in the US before heading up for a while. These events are captured in the chart above as reference.

Selling Pressure too strong:

Following up from the published article, it is presuming that market is respecting the resistance level of 1.3120 and the growth problem in the Euro Zone. Looking at the violent sell off, it sure points this pair for a good down trend now. 

Recognising the strong momentum downward, it is prudent not to predict a turn at this moment, hold your buys and get ready your sells. Once again selling at uptick will most likely make your trading session a fulfilling one.