EURUSD breaks below 1.2975 support, suggesting that the downtrend from 1.3486 has resumed. Further decline could be expected next week, and next target would be at 1.2700-1.2800 area. Resistance is at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion 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.