Against a background of negative weekly signals for sentiment, early price action Monday saw a positive reaction to last week's losses. But that profit taking rally was a minor one and , with sellers reasserting, net movement on the day was minor. This, despite some Asian demand, keeps the technical focus on the downside and so this morning’s call is a Sell at 1.2365 but leaving room to also Sell any Rally to 1.2391, Friday’s high. The risk is 1.2420, last Wednesday’s open, with an immediate target of 1.2320, yesterday's afternoon low. A move through that point then exposes sentiment to 1.2292 and last week's 1.2269 base.