With its .50 Fib Ret (1.1875-1.2466 rally) at 1.2169 and the 1.2162 level, its Jun 14'10 low combining to turn the pair higher in early trading today, risk of further strength is likely. In such a case, its Jun 28'10 high at 1.2396 will be targeted at first with a break of there pushing EUR further towards the 1.2466 level, its Jun 21'10 high. A firm break above the 1.2466 level will set the stage for more strength targeting its May 21'10 high at 1.2671 and then its psycho level at 1.3000. This view remains valid while the pair continues to trade above the 1.2000/1.1875 zone. On the downside, below the 1.2169/2 zone will resume its decline from the 1.2466 level and then target its psycho level at 1.2000 followed by the 1.1875 level, the 2010 low. Below there will have to be traded to annul its corrective recovery bias and bring further weakness towards its Jan'2006 low at 1.1801 with a violation of that level paving the way for more declines towards its major support at 1.1640 established in 2005.