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 close to finish a correction
EUR/USD is currently performing a corrective move from last week’s highs, as part of the bullish bias developed after a strong rebound around the 200 SMA at H1 chart. The pair is looking for the demand zone between the 1.1282 and 1.1233 levels, where is located a key rebound area, according to our Fibonacci retracement projection. If it resumes the bullish bias around those levels, the spot could be looking for the 1.1523 level (-23.6% Fibonacci retracement zone).
RSI indicator continues to favor the bearish bias in the short-term, as it remains in the negative territory.
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.