EUR/USD has been in a strong downtrend recently:

On the weekly chart there is a trend line to indicate the down trend. Arrows show where price interacted with the trend line. Circled areas show how price reacted near the 1.2898 target (horizontal red line).

[weekly chart]

On the monthly chart price dropped by 302.4 pips (open-close) for July and 257.9 pips (open-close) in August. I think it is possible that price might drop by another ~230 to 300 pips in September with some retracements in between. I have drawn a red candle for September on the monthly chart to show what I think it might look like:

[monthly chart]

I think if bearish momentum remains strong it might break below target area before a possible retracement.
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