EURUSD failed to break above 1.2921 key resistance and stayed in a trading range between 1.2587 and 1.2921. Now the price action in the trading range is treated as consolidation of downtrend from 1.3333, as long as 1.2921 resistance holds, one more fall to 1.2200 is still possible after consolidation, and a breakdown below 1.2587 could signal resumption of downtrend.
For long term analysis, EURUSD formed a cycle top at 1.3333 level on weekly chart. Pullback to 1.2200 is expected in next several weeks. However, the fall is treated as correction of uptrend from 1.1876, another rise towards 1.4000 is still possible after correction.
