The EUR/USD pair is in an overall stronger down-trend although this morning's activity is bullish. It has now clearly broken down below the trend-line from the July lows and has fallen below the monthly pivot at 1.3550. The short-term trend is bearish and will probably continue, although price has now reached support from a major trend-line drawn from the July 2012 lows, which defines the medium term trend.
A break of this trend line would be a stronger sign the pair was going lower. In the short term it is supporting price action which has been bullish this morning, and could go higher, reaching 1.3560-80 temporarily perhaps, before rotating and moving back down. A move below the 1.3500 lows would probably signal a continuation lower to the next target at 1.3380.