As the Greeks have elected a pro Euro government the currency has found some relief in that. Meanwhile the US economic indicators have not been well and that puts downward pressure on the dollar. So the EURUSD seems to have found a solid support at about 1.2333 and I expect some rallying for the Euro.
It’s not sure how much confidence the Euro will gain in the markets but I would not be surprised if it breaks 1.28 back again. It is still important to note that the uncertainty in the markets is high.