The EUR/USD pair initially tried to rally during the course of the session on Wednesday, but then turn right back around to form a shooting star. The shooting star of course is a negative sign and could very well send this market looking for the 1.12 level again. Keep in mind that the ECB has an interest rate announcement coming out during the day, so expect a lot of volatility. At this point in time, the market will probably wait until after that announcement before making a true decision. With this being the case, I’m on the sidelines.