We dropped to 1.2261 earlier courtesy of a major US bank apparently and with the european equity indices looking decidedly ‘squidgy’ i reckon we could see a move down towards the sell stops set through 1.2240.
(STOXX off around 0.9% now with Spain’s IBEX down over 1.5%)
NB. There’s a 50% fibo level down around there (1.2042/43 of the recent upmove from July 24 lows to Aug 7 highs) just in front of the stops.