EURUSD drops sharply to as low as 1.4997 level. Deeper decline to 1.4700 to reach next cycle bottom on daily chart is possible next week. Initial resistance is at 1.5250, only break of this level will indicate that the fall from 1.6038 has completed.
For long term analysis, EURUSD broke below 1.5284 (May 8 low) support and formed a double top pattern on weekly chart. Deeper decline towards 1.4500 level to reach next cycle bottom on weekly chart is now in favor.