The futures look like they will fall to at least 1.1940 before bulls get any significant respite. In the meantime, we can use the midpoint sibling of that number, 1.2519, to get short if the opportunity arises; or a 1.2265 Hidden Pivot support to get long today in a downdraft.  However, we should also set an alert today and tomorrow at 1.244 to warn of a potentially powerful short squeeze.  That is where the 3-minute chart would turn decisively bullish (see inset). _____ UPDATE (2:56 a.m. EDT):  Shortly after midnight the euro was in an oversold rally after getting crushed down to 1.2235.  This strengthens the case for a collapse down to1.1940, but in the meantime the futures would need to rally above 1.2577 to turn the hourly chart bullish.  _______FURTHER UPDATE:  As a result of Monday’s price action, it would now take only a push above 1.2385 today to turn the hourly chart bullish.