The EURUSD has been much ado about nothing in the NY session at least.  I guess I overestimated the markets desire to move after the London nose dive. 

The pair did spend all but 40-45 minutes over the last 10 hours of trading below the 1.2441 level.  This keeps the bears in control. That is good news for the shorts. The less good news is traders have so far been not able to push through the next target at the 1.2406-09 level.   To continue to go down, the sellers have to push it lower.  If they can’t shorts will cover, and buyers will take back some control (with a move above the NY highs likely forcing shorts to cover).

A break lower and the next target becomes the 1.2384 level which is the bottom trend line.  It also corresponds with the low from June 4th. Below that and the low at 1.22856 and the midpoint of the EURUSD all time low to high range at 1.2131 become the longer term targets