Looking at a weekly chart shows us that the EURUSD could very well validate this long term support trend line. It is important to note that despite the Greek crisis causing the deepest drop in the euro for years, it is technically oversold from a weekly standpoint.
Of course, if this major support line is breached, then the drop will be dramatic. This is unlikely to occur just yet though based on the last 20 years of price action. Expect to see a push back upwards to at least the closest 3 moving averages prior to a serious continuation of the recent bearish momentum.