I would look to short at around 1.2700/30 or 0.382 Fib retracement from May 1st, 2012 high which is 1.2796 if it really starts a retracement now. Will see how the market react at around these areas first before you enter a trade. It might be possible that it might reach the 1.2450/80 area frist before start the real retracement. If that's the case, then the 0.382 Fib retracement will be different. Another choice is that you could go long for a short term trade at around 1.2450/80 area here with a tight stop but be really careful. It's like catching a falling knife here so don't risk too much. See how the marketing act first before taking your position. Don't forget that the main trend is strongly bearish both technically and fundamentally and the long term target for me is still around 1.1600/700 so that's your choice.