The 1.2500 barrier option that Jamie pointed out was broken and the subsequent corrective move higher took the price above the 38.2% -50% of the trend move down (see chart above). That move above the 50% took some steam out the trend move and although the price has since rotated back down, the 1.2514 area (low from yesterday) may give cause for pause.
What the move back down does do for the longer term bears is it keeps them happy and comfortable. It may not be a trend type day down (one of the pre holiday steam rolling variety) but there is no need to panic either. The London/Europe last hour of trading is taking place and this can lead to squaring up swings. Then we can likely expect real quiet trading conditions for the rest of the trading day.