DAILY MARKET UPDATE FOR 20/12/12@HILLFOCUSFOREX

The Eur/Usd formed a counter trend pinbar today. Immediately after the New York close the low of the pinbar was violated giving us a clue for the probability of a low price in due course.Giving the level at which  the pinbar was formed, we are anticipating a low price/reversal.We still retain a slight bullish bias because of the recent momentum.Based on the price action outlook at 1.3120 in the future, provided the reversal momentum get there,our bias can change.

(2) GBP/USD

GBP/USD formed a reversal pinbar today.The level at which pinbar was formed can be said to be a key level/confluence.We will watch closely for a retracement setup around 16177 region for an opportunity to ride in the probabilty of the falling knife.