EUR/USD ramped as high as 1.2473 1.2456 but was unable to hold it’s gains and has dipped all the way back below 1.2400.
UPDATE: A rare EBS chart glitch has a high at 1.2473, though the high dealt was 1.2456.
I don’t have confirmation but I have to assume emerging markets central banks are good sellers into strength. They have been selling dollars like crazy in recent sessions and need to sell EUR/USD to get their reserve baskets back in balance.
1.2380 and 65 should act as good support on further dips.