During the last session of the year, EUR/USD still has more fuel to run to the downside, making fresh lows on the year during the 12/31 US session. It is now approaching 1.21 and looks poised to capture it before the end of the session. EUR/USD 4H Chart 12/31(click to enlarge) Note what looks like a head and shoulder pattern in the middle of a downtrend. This was a bearish continuation structure, and the EUR/USD has indeed continued the prevailing downtrend. Also note that the price action, moving averages and RSI all reflect a bearish market. The fact that the RSI is still above 30 suggests there is further room to fall before the market will see oversold condition in the 4H chart. To the downside, the market has 1.21 in the near-term scope, but also the 1.2042, 2012-low in sight for the very short-term. Below that the 1.20 psychological level and the 2010-low of 1.1875 will be key levels to watch for support as well. EUR/USD Weekly Chart(click to enlarge)From a fundamental perspective the EUR/USD should be pressured as the ECB is still at the cusp of implementing QE, and the market has moved up expectation of FOMC's rate hike to earlier than mid-2015, perhaps around April.