Although the single currency penetrated 1.2513 support and weakened to a 3-month low of 1.2457 on speculation that ECB may need to cut interest rate later after the release of unexpectedly weak Australia's Q4 GDP data, short-covering lifted the pair above 1.2500 but as long as yesterday's resistance at 1.2678 holds, downtrend from 1.4720 should resume for re-test of said support and then towards 1.2400.   
Above 1.2678 would confirm a temporary low is made and bring retracement to 1.2737 and possibly towards 1.2811.