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: bears trying to deliver reverse
We've got a couple of pullbacks from 8/8 MM Level, so wave [y] of 2 may have been formed. Therefore, we could have a bearish impulse in wave (i) in the coming days. In this case, we should keep in mind 6/8 MM Level as an intraday bearish target.
8/8 MM Level is acting as resistance. However, there's an opportunity to have wave ii a little bit bigger, so the last local high is likely going to be broken shortly. Meanwhile, if the price fixates below 8/8 MM Level afterwards, bears will probably try to deliver wave iii of (i).
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.