The pair has retraced nicely after the 1.2330-1.3300 move, it reached the 50%Fibonacci line yesterday and after a quick bounce it pushed lower closing in on the 61.8 Fib where we can expect at least the same; so, we're looking for a bounce around the 1.2700 area, a bounce that could very well turn into a bigger move towards the recent highs. Below 1.2700 we have the 1.2580/1.2620 support zone, with former swing highs and lows that will mmost likely be respected by price action.