The EURUSD flew the last Thursday , 14th of March 2013 as a result of the European summit , definitely what happened behind the scene , was the reason behind that rise !
Anyway, I won't talk about details, but I think the main reason behind that rise is that the new draft budget was rejected by the European Concoul, basically I think they decided to hold the discussions till the next summit on the 22th of May 2013 to make their final decision.
However, next summit will decide whether the EURO is heading to 1.2000 or 1.4000 levels, Investors and market players are aware of those facts, so hesitation will take control over the market and it's unlikely to see the pair below 1.2910 these days, most likely the pair will range with bullish bias waiting for the next summit!!!
Technically, on the weekly chart, bullish reversal pattern is under development,still early to talk about that,but with the key resistance 1.3710 intact, the area below 1.2661 is suggested, my own thoughts ,the key support 1.2661 probably will be exposed after the next summit not these days!