With US retail sales set for release shortly, eur/usd is seeing some modest profit-taking, dipping into the 1.2120s. The assumption is that a strong retail sales figure will ease fears further of a global double-dip and keep the risk trade on the comeback trail.

1.2090 is first support on note in EUR/USD. 1.2215 is resistance should we break higher.

Is suspect we will see some profit-taking from the more opportunistic central banks into strength after heavy buying on the 1.19-handle earlier this week. EUR trades at 1.2127.