Price has stalled shy of the first resistance level
(1.4615) and bounced off the median line
, continuing corrective sideways price action. The down trend is still firmly in force. The EUR is the weakest of the majors, and the AUD has been quite neutral, so the outlook is bearish
. It is quite possible that it's on its way to the level, where the size of the entire move down will be 161.8% of the prior 2013 big correction. However, as price gets closer to the 1.4 handle, the demand should get stronger, so I wouldn't expect to see new lows beneath it. Rather, finding a secure place for a stop beneath the low at 1.4045, I'd expect buyers to get bolder and stall the 2014 decline somewhere between 1.42 and 1.43.
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