Sharp recovery from below 50-DMA levels on Wednesday followed by a rise to 1.25 levels has demoralized bears, although only a break above 1.2582 (Feb 9 high) would add credence to the rebound from 1.2384 and open doors for 1.2706 (Feb 2 high). On the downside, a daily close below 5-DMA would be bad sign for the bulls.