The immediate upside target for the pair is seen at the 1.3387 level where a violation will call for further strength towards the 1.3484 level. As long as EUR can maintain above its broken resistance at the 1.3288 level, the above view remains intact. A breach of the 1.3484 level will pave the way for a move further higher towards its Dec 02'2011 high at 1.3547 with price extension targeting its weekly 200 ema at 1.3642. Its daily is bullish and pointing higher supporting this view. Conversely, the risk to this analysis will be a return to the 1.3003 level traded the past week followed by the 1.2975 level. An eventual break of here if seen will push the pair further lower towards the 1.2879 level, its Jan 23'2011 low . All in all, EUR remains biased to the upside nearer term.

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