EURUSD is forming a cycle top at 1.3497 level on daily chart. The fall from 1.3497 could possibly be resumption of downtrend from 1.4281. Deeper decline to test 1.2969 key support is expected next week, a breakdown below this level will confirm the cycle top, then another fall to 1.2500 area could be seen. Resistance is at 1.3497, only break above this level could indicate that lengthier consolidation of downtrend is underway.
For long term analysis, EURUSD had formed a cycle top at 1.4281 level on weekly chart. Deeper decline towards 1.1876 previous low is expected in next several weeks.
