EUR/USD has traded in a 10 pip range for the last few hours, ever since the stop-loss run above 1.2520 a little earlier. EUR/JPY, which is often the big driver here in Asia, has lost momentum entirely and bulls/bears are caught in a stand-off situation. I believe that turnover was quite large earlier today so there will still be some big positions out there; just a matter of who blinks first. The RBA decision will likely be the catalyst for the next move (if the AUD/USD gaps 50 pips in either direction, then the EUR/USD will tend to follow it initially).