EUR/USD formed a temporary low at 1.4047 on lost of downside momentum and recovers. But still, with 1.4338 resistance intact, fall from 1.4938 is expected to resume sooner or later. As noted before, whole rise from 1.2873 has possibly completed at 1.4938 already. Below 1.4047 will target 1.3427/3860 support zone next. Though, a break of 1.4338 will suggest short term bottoming and bring stronger rebound.
In the bigger picture, EUR/USD is still trading above medium term trend line support from 1.1875 (now at 1.3430) and thus, rise from there should still be in progress. We'd continue to favor the bullish case that correction from 1.6039 has completed with three waves down to 1.1875 already and. Above 1.4938 will target 1.5143 resistance first. Break will affirm the bullish case of long term up trend resumption for another high above 1.6039. However, sustained trading below the mentioned trend line support will indicate that there should at least be one more medium term decline, possibly for below 1.1875, before correction from 1.6039 completes.