Downside correction from 1.3080 likely ended at 12/4/08 low 1.2549. From 1.2549, expecting price to develop a 3 wave upside moving, in which 1.2847 is probably the end of the first wave.
Buy at 1.2650/1.2710 with stop 1.2625, target 1.2850 level; 1.2950/70; and 1.3080 level in short term.