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The EUR/USD pair fell during the Wednesday session as the European traders sold off their own currency. Without the Americans there to try and reverse it, this stood through the quiet and holiday impaired US trading session. The 1.25 level has held as support, and this wouldn't be overly surprising considering the fact that the volumes were so then. However, we have retraced a good portion of the massive surge on Friday, and it appears the marketplace is starting to show that it simply doesn't believe in the solutions that the European Union came up with last Friday.
With this being said, a break below the Friday lows would have a selling this pair as it would completely negate that massive move. Overall, the trend is down to see a fall from here would not be surprising. As far as buying this pair, we simply won't do it as there's far too many headline risks out there.