Although the pair halted its recovery started from the 1.3003 level on Tuesday to close lower, it remains biased to the upside. As long as it can maintain above its broken resistance at the 1.3288 level, it should eventually return to the 1.3483 level. A breach 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. 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 . Further down, support lies at the 1.2620 level. All in all, EUR remains biased to the upside on correction.
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