EURUSD has formed a cycle bottom at 1.3499 on daily chart. Now the bounce from 1.3499 is treated as consolidation of downtrend from 1.4939, range trading between 1.3499 and 1.4000 would likely be seen in a couple of weeks. Key support is at 1.3499, a breakdown below this level could signal resumption of downtrend.
For long term analysis, EURUSD is downtrend from 1.4939. Further decline towards 1.2000 is expected in next several months.
