The decline below 1.2340 effectively slammed the door to the topside confirming that yet another (but still marginally) low was underway. A small congestion range since the 1.2271 low argues that another low will be set today, preferably in the 1.2258-1.2229 target window. On a grander scale we are still (due to a fulfilled wave pattern, the wedge and the bullish divergence) calling for a more profound reaction to be lurking around the corner.