The EURUSD is threatening to break higher and test the December 2008 high of 1.4723. A potential target is 1.5245, which is the 78.6% retracement of the decline from above 1.6000. This level intersects with potential trendline resistance at the end of September. Focus remains on the short term advance from 1.4044, which is in 5 waves. It is possible that a correction is complete at 1.4252 (38.2% of the rally) but a larger more complex correction could end below that level - which would expose the 1.4170-1.4200 zone.
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