EUR/USD probed through repeated hourly highs at 1.2470 level but was unable to hold those gains. Prices have quickly pulled back to the 1.2400 level as stale longs scramble for the exits. US equities showed signs of rallying just before the opening of the cash market but cash markets opened lower by 1.5% or so, weighing on EUR/USD. They are now trying to stabilize, so EUR/USD may have seen its worst for the moment.