The EUR/USD drifted lower in early European trade after an initial burst of risk appetite dissipated in wake of further evidence of slowing consumer demand in the region. The pair climbed above the 1.2900 barrier in late Japanese trading on the back of an announcement by BOJ that the central bank would purchase up $111.5 Billion of Japanese banking shares. However, the enthusiasm faded after the release of German Retails Sales disappointed once again sending the pair down to test support at 1.2800 figure.