As many have pointed out in our comments section already, there is very decent hourly support between 1.2410/40 with hourly lows at 1.2435 probably providing the best base. If these levels are swiftly broken, then the downtrend has reemerged with force and we should be in rally-selling mode. On the other hand, if these levels are tested and hold firm, then I for one will be taking some more of my short positions off the board. In addition, the 61.8% retracement of 1.2285/1.2670 comes in at 1.2435 as well.
