EUR/USD is seeing some profit-taking in the 1.2660s, just below important resistance at 1.2670/75. Buying of EUR/GBP is helping support EUR/USD at midday as cable lags the pack, having rallies weeks ahead of the EUR/USD.
Some technicians are calling the 1.2675 area the neckline of a head and shoulders pattern on the daily charts, others have the neckline 150 pips or so lower. Either way, a move into the low 1.30s would be the target for those chart-readers.
