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: developing leading diagonal
There's a developing leading diagonal in wave 1. It's likely that wave [iv] is going to end soon, so we could have wave [v] inside the pattern in the short term.
As we can see on the one-hour chart, wave [iv] is likely going to take the form of a zigzag. The main intraday target is 3/8 MM Level, which could be a departure point for wave (a) of [v].
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.