The EUR/USD (Euro Dollar) bottomed on January 13, 2012 at 1.262 from a severely oversold technical condition. Since that time, the EUR/USD has surged sharply higher and is now trading into the 1.329 level. This type of robust rebound is very common after such a steep downdraft. In fact, the EUR/USD still could have some more upside left in the tank before another major pullback takes place.