If you put a gun to my head, I’d scale into shorts up to about the 1.2750 level with a stop above 1.2780.
We have a strong area resistance in the high 1.2740s and talk of a 1.2250/1.2750 DNT (double-no-touch) option that is still in play.
The problem with no-brainer trades is that they tend to get crowed quickly as every tries to make the obviously play, so we all get stopped out together…
Deeper pocket should put stops above 1.2825.
