EURUSD is facing 1.2747 support, as long as this level holds, the fall from 1.3242 could be treated as correction of the uptrend from 1.2747, another rise to 1.3500 area is still possible after correction. On the other side, a breakdown below 1.2747 support will indicate that downtrend from 1.3711 has resumed, then the target would be at 1.2250 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.
