EUR/USD - Potential Downside Weakness

EUR/USD has reached a crucial support level on the weekly chart having closed at 1.2750 a low reached in March and July and a close below here could see further price weakness and move down to 1.20.

The daily chart confirms the bearish bias with the price action trading way below the 200DMA
although there are grounds for some caution as the RSI shows a bullish divergence. I would like to see a close below the 1.2750 level followed by a pullback and then some clear momentum to downside to give me a trade entry with a target of around 700 pips