There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
EUR/USD: bulls going to test 8/8 MM Level again
The price is likely going to test 8/8 MM Level once again. If we see another pullback from this Level, wave (i) is going to be continued. If so, we should keep in mind 6/8 MM Level as the next bearish target.
We've got a pullback from 6/8 MM Level, so there's wave  of iii, which is taking place on the one-hour chart. The nearest bullish target is 8/8 MM Level, which could be a departure point for wave  of iii.
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.