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: price fixated under 5/8 MM Level
The price has fixated under 5/8 MM Level, so there's an opportunity to have a bearish impulse in wave [i]. The main intraday target is 3/8 MM Level, which could be a departure point for a local upward correction.
We've got a pullback from 7/8 MM Level on the one hour chart, so wave [v] of C may have been formed. The price is declining in wave (iii) of [i]. It seems like bears are ready to test 3/8 MM Level soon.
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.