The single currency tumbled to fresh one-year low of 1.3144 in Australian morning today after S&P downgraded Portugal's and Greece's ratings before staging a brief recovery, however, as long as 1.3248/50 holds, downside bias remains for medium-term downtrend from last year's high of 1.5145 to extend marginally below said level, however, downside is likely to be limited to 1.3110/16 today and bring a much-needed minor correction later.    On the upside, a breach of 1.3248 would signal a temporary low is made and a retracement to 1.3310/13 cannot be ruled out but reckon 1.3341 (yesterday's NY resistance) would remain intact.