“Not a creature was stirring, not even a mouse.” That famous prose from The Night Before Christmas also applies to the FX market. EURUSD is likely waiting for ECB on Thursday so Wednesday might be another snoozer. In any case, price is sitting on the center line from the channel off of the November low. Price has bounced from this line the last two days so a break would indicate a near term behavior change. If that happens, then initial downside focus is 1.2040 and the lower parallel, which is about 1.1985 on Wednesday.