EUR/USD tested support at 1.2720 and rebounded off nicely. Right now, the daily bar is sitting nicely on the uptrend support, and the ADX shows that the selling strength is tapering off nicely.
Stochastic suggests a short term oversold situation, so the signs point towards a rebound.
Short term resistance is at 1.2870. As long as the currency can stay above, this trade is good for a short term (intra week) period. On the longer haul though, the currency is still trending down and it is likely to fall further after this retracement is complete.
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