The EURUSD may have completed wave i of 5 down. A correction is underway in wave ii.
There are 2 levels to watch for resistance; 1.2636 (former 4th wave) and 1.2721 (61.8% of 1.2932-1.2386). These are areas to expect a top and rallies to there would present opportunities to get short against 1.2932. Long term, the trend remains down as long as price is below 1.2932.