EUR/USD's fall is still in progress and dips to as low as 1.4122 so far today. While further decline is still in favor, focus remains on whether 1.4157 cluster support (38.2% retracement of 1.2873 to 1.4938 at 1.4149) would hold eventually. Strong rebound form the current level and break of 1.4422 minor resistance will retain the bullish outlook and flip bias back to the upside for retesting 1.4938 resistance. However, sustained break of 1.4157 will indicate that whole rise from 1.2873 is finished and should bring deeper decline towards medium term channel at 1.3445 instead.
In the bigger picture, while the fall from 1.4938 was steep and deep, there is no indicate of trend reversal yet. Rise from 1.2873 is still expected to resume sooner or later towards 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Decisive break of 1.5279 projection target will indicate that rise from 1.1875 is developing into an impulsive wave that should take out 1.6039 high eventually. However note that sustained break of 1.4157 cluster support will suggest that rise from 1.2873 has finished and deeper fall could be seen to lower trend line support (now at 1.3393). Sustained break there will invalidate the bullish view and open up the case for a retest of 1.1875 low.