We believe that a meaningful low has been set by 1.2625 in the previous week, and the current setbacks should be used as a formidable opportunity to establish a very playable long position. T weekly chart shows the formation of a very strong bullish outside week, and as such, we do not anticipate a full retracement back towards the lows anytime soon. Weekly studies have just crossed up from oversold levels and this further encourages our bullish bias. As such, we will look to buy on a dip back towards the 78.6 fib retracement off of the 1.2625-1.3470 move, in anticipation of a resumption of the recovery and eventual break back above 1.3470 over the coming days. STRATEGY: BUY @1.2820 FOR AN OPEN OBJECTIVE; STOP 1.2690. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM NY TIME) ON THURSDAY.