EURUSD does the right thing…rotates back lower after push higher fails.

The EURUSD rallied on comments from the EU group leaders but has done the right thing and rotated back lower. The move to the upside did put a scare on the 38.2% of the move down yesterday, but held that line (at 1.25866, high reached 1.25803). Does the failure above open up the downside for an extension in that direction? The range is still a narrow 64 pips so the possibility is certainly possible. The 1.2510-16 level remains key support.