EUR/USD is consolidating not far from session highs as 1.2900 and 1.2925 barriers were overcome in one fell swoop. 1.2950s remain to be overcome and protection of that level helped stall EUR/USD at 1.2940 earlier in the year.
A break above the 1.2950 and especially 1.3000 levels would likely spark a big rebound in volatility as the market is structurally short of vols. It could be a much more interesting holiday period than most had bargained for ahead. EUR/USD trades at 1.2920; bids are eyed at 1.2900 on dips, offers from 1.2930 on up through 1.2950, above which stops take over.
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