EURUSD has formed a cycle bottom at 1.2288 on daily chart. Further rally is still possible next week, and next target would be at 1.2800-1.2900 area. However, the rise from 1.2288 is likely consolidation of the downtrend from 1.3486, and another fall towards 1.2000 is still possible after consolidation. Support is at 1.2400, a breakdown below this level will signal resumption of the downtrend.
For long term analysis, EURUSD has formed a cycle top at 1.3486 on weekly chart. Further decline towards 1.1500 area is expected over the next several months.
