EURUSD breaks below 1.2624 support, suggesting that the downtrend from 1.4939 (May 4, 2011 high) has resumed. Further decline would likely be seen next week, and next target would be at 1.2200 area. Initial resistance is at the downward trend line on 4-hour chart, and the key resistance is at 1.2830, as long as this level holds, the downtrend will continue.
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.