EURUSD is facing the support of the upward trend line on daily chart, a clear break below the trend line will indicate that the rise from 1.2624 has completed at 1.3486 already, then the following downward movement could bring price to 1.2000 area. On the upside, as long as the trend line support holds, upward could be expected to resume, and one more rise to 1.3600-1.3700 area is still possible.
For long term analysis, EURUSD is in downtrend from 1.4939 (May 4, 2011 high). Further decline towards 1.1500 area is expected over the next several months.
