The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
EUR/USD: bearish impulse arrived
There's a pullback from 6/8 MM Level, so wave 2 may have been ended like a double zigzag. Therefore, the market is likely going to form a bearish impulse in wave (i) in the short term.
We've got a possible diagonal triangle in wave (c) of [y]. So, bears have formed an impulse in wave i, so we could have a correction in the coming hours. If a pullback from 7/8 MM Level happens, wave iii of (i) is likely going to begin.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.