EURUSD moved without trend in a range between 1.2329 and 1.3290 for several weeks, and the price action is more likely forming a triangle pattern on daily chart. Deeper decline is expected to test the support of the lower border of the triangle pattern next week. Key support is located at 1.2329, only break down below this level will signal resumption of the long term downtrend.
For long term analysis, EURUSD remains in long term down trend. Deeper decline to 1.2000 zone to reach the next cycle bottom on weekly chart is still possible.