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The EUR/USD fell on Wednesday in order to fall and test a trend line. We also are right at the 1.2850 level, and this is an area that we have pointed out as a possible selling signal. With all this being said, we think that a move below 1.28 will have this pair looking for the 1.25 level before it's all said and done.
With the problems in Europe seemingly going on forever, it would not be a surprise all the see this market pullback down to the 1.25 level before finding serious support. Quite simply, the market is more than likely growing bored waiting for the European finance ministers to do something.