The EURUSD appears to be developing a major H&S pattern, which is typically taken to indicate emerging bearish reversals, ahead of FED's April policy meeting. The expected upsurge in volatility later today and tomorrow (advance U.S. GDP data scheduled for release) would demonstrate whether such an H&S pattern is really in the making.
Notice that the Neckline is positioned at the massively important psychological support level at 1.20000, which serves the role of a prominent turning point. That is why a potentially decisive breakdown below the H&S's Neckline would confirm the beginning of a new downtrend.
The 23.6% Fibonacci retracement level serves as the first major target for such a downtrend.