The inability to break into the 1.21s has caused fresh EUR/USD short- covering heading into the European closes. Spot has returned to the relative comfort of the mid-1.22s as a result, with European corp offers still touted close to the 10-HMA line. Look for a break below 1.2200 to accelerate the descent and return the attention to the 1.2143 49-Mth lows. Below here 1.2100, 1.2050 and 1.2000 option barriers.