While EUR may be biased to the upside in the immediate term, it will have to break and hold above the 1.3286/8 levels to trigger further upside. Further out, a breach of here will resume its uptrend and call for a push towards its Dec 02'2011 high at 1.3547 where a break will target its weekly 200 ema at 1.3642. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on any price failure, the pair will aim at the 1.3003 level where a break will bring further declines towards the 1.2975 level. On continued weakness, the pair will aim at the 1.2930 level, its Jan 225'2011 low with a cut through there allowing for further declines towards the 1.2879 level. All in all, EUR continues to recover higher.

Daily