EUR/USD is currently evolving inside an Andrew's pitchfork. The price bounced twice on the upper median before heading south. The next strong support zone should be met at 1.2635 - 1.2659.
The price should hover a bit on this support area before breaking lower and going to lower levels. My target is set at 1.2487 which corresponds to the low level posted in the beginning of October and the 0.5 median line of the pitchfork.
To the upside I would place a Stop Loss at 1.275, for a risk reward ratio above 3.