EURUSD is facing 1.3003 support, a breakdown below this level will signal resumption of the downtrend from 1.3486, then deeper decline towards 1.2624 previous low could be seen. Resistance is now at 1.3250, only break above this level will indicate that sideways consolidation in a range between 1.3003 and 1.3486 is underway.
For long term analysis, EURUSD may be forming a cycle top at 1.3486 on weekly chart. Further decline towards 1.1500 area is expected over the next several months.
