EUR/USD Forecast December 20, 2012, Technical Analysis

The EUR/USD pair shot straight up during most of the session on Wednesday, but ran into far too much trouble as the 1.33 level in order to keep going higher. With the headline risks out there currently, it is not surprising that some chatter out of Washington DC put fear back into the marketplace, and therefore people selling this pair. With this being the case, we formed a massive shooting star, and it appears that we are going to pullback. However, we have broken out above the 1.3150 resistance level, and suggest that it will more than likely find support either at that level or just below it. Because of this, we do not feel that this is a sellable that even though the candle looks so good for the sellers.