EURUSD breaks below 1.2512 previous low support, suggesting that the short term downtrend from 1.2898 is underway. Deeper decline is expected to 1.2400 zone in a couple of day. Near term resistance is at the upper border of the falling price channel and key resistance is located at 1.2677, as long as this level holds, we€™d expect downtrend from 1.2898 to continue, only rise above 1.2677 level will indicate that a short term cycle bottom has been formed and the fall from 1.2898 has completed.