There were some very solid bids around 1.1975 in late NY and that level is holding quite firm. From a short term technical perspective, the 61.8% retracement of the latest 1.1925/1.2073 rally comes in at 1.1980 and if any sort of bullish recovery is to emerge, levels like this need to hold. Adding to the slight bullish tone will be the fact that 1.20 is no longer much of a psychological resistance and in fact could now emerge as the opposite. I’m long intraday with a tight stop, more to alleviate boredom than anything else.