NEW YORK ( TheStreet) - Having reversed its Monday losses in early trading today, the EUR-USD faces further upside risk as it builds towards the 1.3453 level. A decisive violation of that level is needed to resume its corrective strength started from the 1.2874 level towards the 1.3494 level, its Dec. 14, 2011.While that level may present a strong resistance on an initial test, an eventual violation of there will call for more recovery towards the 1.3785 level and possibly higher. On the downside, if it falls below its 2011 low at 1.2874, it will have to be traded to reverse its current upside attempt. This will open the door for a decline towards the 1.2713 level and subsequently the 1.2600 level. All in all, with a bullish recovery tone still seen, risk remains for a recapture of the 1.3453 level.