Pullback...sell off...consolidation...call it whatever you want, EU needs a break. The pair has traded in a lower timeframe (see 4hr timeframe) rising wedge since midway through December and is now testing a 1.2250-1.2400 sell zone not seen since April 2018 (see Weekly timeframe). On the fundamental front, more focus is being placed on the global vaccination program to start 2021, with European countries facing the most scrutiny. This should aid the technical elements already in place. A retest of 1.2000 is possible, 1.2200 & 1.2150 likely.