A method of establishing a reference level includes providing first and second non-overlapping paths from a first node to a second node, providing first and second reference magnetic random access memory (MRAM) elements in the first path, providing third and fourth reference MRAM elements in the second path, measuring a first value indicative of a resistance between the first node and the second node, and setting the reference level based at least in part on the measured value. Also an associated reference circuit.