EURUSD is facing 1.2747 resistance, a break above this level will indicate that the downward movement from 1.3486 has completed at 1.2288 already, then the following upward movement could bring price to 1.3200 area. However, as long as 1.2747 resistance holds, the price action from 1.2288 is treated as consolidation of the downtrend, and another fall towards 1.2000 is still possible.
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.
