EURUSD dropped sharply from 1.4939, and broke below the uptrend line on daily chart, suggesting that a cycle top had been formed. Deeper decline would likely be seen after consolidation, and next target would be at 1.4000-1.4100 area.
For long term analysis, EURUSD might be formed a cycle top at 1.4939 level on weekly chart. Key support is at 1.4000, a breakdown below this level will confirm the cycle top, then the following downward movement could bring price back to 1.1500 area.
