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FXstreet.com (San Francisco) - EUR/USD finished virtually unchanged at 1.3183 after trading a broad range between 1.3155 and 1.3292 overnight Wednesday, halting ahead of the 1.33 figure and printing a daily pin at 1.3280 key resistance, which has proven to be a tough level to penetrate.

Pins often form at market highs and lows, and may signal that a correction is due. So, in this instance, EUR/USD bears could be licking their chops, waiting patiently on the sidelines to go short. If the market breaks below the 1.3150 mark, that could open the door for a bearish run to 1.3060 (38.2% retracement of the latest daily advance), then 1.3025 (50-day EMA) and 1.2985 (50% Fibo retracement support); "although if market sentiment remains strong, a recovery above 1.3200/10 may see the pair reaching again 1.3250 price zone," says Valeria Bednarik, Chief Analyst at FXstreet.com. Farther North, the analyst identifies resistance at 1.3290. If price manages to break above the 1.33 figure, the 1.3360 resistance level is likely to attract sellers.

From Gregor Horvat, Chief Technical Strategist at Elliott Wave Forecast: "Some traders are fading the Fiscal Cliff deal by selling the EURUSD despite a strong stock and commodity market. But we believe that bearish is still not the right direction for the pair in low-liquid market."

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