I’m not sure where those rallies might be, but anything now around 122.50 must be considered a good entry level for bears? I know 200 pips sounds like a long way away but in the last 2 hours it’s fallen from 121.30 to 119.00 and back to 120.50; so we certainly can’t complain about volatility!
I think the big factor now at play here is the hedge fund positioning, and if they all start off-loading their massive long positions then we will probably see 115.00 before too long.