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Yes, It hit a high passed 1.2700.

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Yes it is possible.

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Anything is possible but Yes it did hit the 1.2700 mark today before retracing a bit.

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EUR/USD has hit 1.27 again in this rebound. If we look from the low on 7 June 2010, this is definately an up trend. However, the macro and long term prospect of Eurozone is still muddy, I personally do not expect this rebound to be a start of a bullish long term recovery of Euro dollar.

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The high of EURUSD was at 1.2700 today at 13:00 GMT. Next short term target is 1.2738, 1.2760.

It is currently trading in a narrow range which looks like a minor bearish correction. However, technicals suggest that a break of 1.2540 could potentially delay the upside trend.