Technically we remain pointed in the downward direction here and, in general, I continue to look for bearish signals to short. The biggest threat to the trade that I see is the possibility of a triangle consolidation wedge forming on the daily charts - if we see a bounce off of 1.2630 then it could signal the pair is going to range for the day.
Trading Idea: Primary trade will be to look for opportunities to short below 1.2700 with targets at 1.2675, 1.2645, 1.2615 and 1.2585 for 115 pips profit.
In general I am looking for shorts below 1.2700 and I'm short-term bullish above 2700. A threat to the trade is a possible wedge consolidation pattern that could form if 1.2630 is not broken to the downside.