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: wave (iii) about to end
Wave 2 may have been formed, cause there's a pullback from 4/8 MM Level. Also, there's a bearish impulse in wave (i), so the price is rising in wave (ii). If we've got another pullback from 4/8 MM Level, bears are likely going to deliver wave (iii) in the short term.
The price has been rising since a pullback from 1/8 MM Level was formed. The main intraday target is 4/8 MM Level, which could be a departure point for another decline in wave (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.