EUR/USD is testing the low of its horizontal range defined by the support at 1.2358 and the resistance at 1.2577. Hourly resistances are given by 1.2419 (01/12/2014 low) and by the declining trendline (around 1.2488).
In the longer term, EUR/USD is in a downtrend since May 2014. The break of the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) calls for a decline towards the strong support at 1.2043 (24/07/2012 low). A key resistance stands at 1.2632.
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