EURUSD breaks below 1.2955 support, suggesting that the upward movement from 1.2747 had completed at 1.3242 already. Deeper decline to test 1.2747 support would likely be seen next week, as long as this level holds, the fall from 1.3242 could be treated as correction of the uptrend from 1.2747, another rise towards 1.3500 is still possible after correction, and a break above 1.3242 could signal resumption of the uptrend. On the downside, a breakdown below 1.2747 support will indicate that the downtrend from 1.3711 has resumed, then the target would be at 1.2400 area.
For long term analysis, EURUSD is in uptrend from 1.2042 (Jul 24, 2012 low), another rise towards 1.4500 could be expected after consolidation.
