The single currency rose in active short-covering ahead of the speech from U.S. Fed chairman Ben Bernanke (12:30GMT), suggesting corrective upmove from last week's low of 1.2457 may extend gain to 1.2811, however, resistance at 1.2900 should cap upside and yield selloff later.  
On the downside, below 1.2638 would signal retracement is over and breach of 1.2555 support would confirm downtrend from 1.4720 has resumed for re-test of said low.