Eur/Usd is still in a recovery mode, after the prices broke and closed above the falling trend line highlighted in the past week. We still believe that market is forming more complex structure of wave 2/B than on the first place. A flat correction is one of the possible scenarios with wave (c) in progress. We know that flat correction sub-waves are 3-3-5, which means we need to see five waves up in wave (c), before we may look for downtrend again. As such, test of 1.4344 resistance remains in view!

Only break of 1.4066 support will suggest that Euro is going straight down!

Forex Analysis by Gregor Horvat at ForexPros. com.