The pair has turned above the 1.2875 level, its Jan 13'2011 high suggesting further correction could extend. In such a case, the 1.2941 level, its Jan 05'2012 high will be targeted where we may see a price halt. However, if that level is broken, more strength is expected towards the 1.3074 level and next the 1.3197 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, on a failure of its present corrective recovery, EUR could restart its broader medium term downtrend by breaking the 1.2624 level. This will set the stage for further declines towards the 1.2587 level, its Aug 2010 low. Further down, support stands at the 1.2479 level. All in all, EUR now faces a nearer term corrective recovery following it's a halt of its recent declines.

Daily