It is not unusual for the market to make a new low for the week Friday morning, run into some fresh buying, and then spend the rest of the session squeezing out the new, misplaced shorts. That does not appear to be the case today as rebounds continue to stall in the 1.2920/25 area.
A move back above the 1.2950/60 area will be needed to dramatically change the near-term picture. A move above those levels will confirm a near-term bottom is in fact in place and set the stage for more 1.2850/1.3050 range trade in the weeks ahead. EUR/USD trades at 1.2910.
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