This week's rally from 1.2285 confirms recent decline has formed a temporary low there and upside bias remains for retracement to 1.3270/75, however, near term overbought condition would prevent sharp move beyond 1.3300 and price should falter well below 1.3365/70 today and risk has increased for a retreat later.  
  
On the downside, expect pullback to be limited to 1.3160 and only break of 1.3113 support would signal top has been formed and bring weakness to 1.3060/70...