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: pullback from 8/8 MM Level
The price is trying to form a pullback from 8/8 MM Level, so wave [y] of 2 may have been ended. In this case, we should keep an eye on 6/8 MM as a local bearish target.
Bulls couldn't fixate above 8/8 MM Level, so there's time for a correction. Therefore, wave (c) of [y] likely finished. The main target for wave (i) is 6/8 MM Level.
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.