The EUR/USD pair had a nice gap to open up the week on Monday, but by the end of the session most of it had been reclaimed. The rumors that the Europeans were putting together some kind of bank bailout fund weren’t confirmed, and the pair fell back down. The resulting candle for the session looks very much like the two previous days – shooting stars at the bottom of a down move. This is a very bearish signal, and as such it looks like the 1.25 level will still be under attack. If this level gives way – the 1.20 level is calling. We are selling a daily close below that mark and rallies that struggle to retain gains.