EUR/USD is correcting its rise from the low at 1.2998. We see that weakness as a short-term event and then expect further strength towards the resistance at 1.3487 (24/02/2012 high). Monitor the hourly support at 1.3249 (11/01/2013 low, see also 38.2% retracement). An hourly resistance is at 1.3319 (intraday high).
The higher low in July 2012 (compared to July 2010) and the recent new high above the strong resistance at 1.3172 suggest an improvement of the underlying trend. Strong resistances can be found at 1.3487 and 1.4247 (27/10/2011 high).