Right now either could be right. Trading from the balance line can be a dangerous game.
There could be one more push down to 1.2270 - 1.2250 or price can pull back from where it is.
There are big news releases at 12:45 (UTC) and 13:30 which could be used as a stop hunt or to accelerate price - EU Interest Rate decision.
I have done very well yesterday but now started with a 20 pip loss today so will stay out till after the above news release is done.
Any thoughts or comments, please post.
UPDATE: Today's movement was part of a larger pattern which could end around 1.2480 - 1.2500 mark. From there, I'm inclined to short using the NFP news tomorrow.