The daily chart failed support at the 100 SMA, and forced the RSI indicator lower towards the neutral 50% line; the pair can now move just as easily long and short from here. The 4 hour chart revealed a failure to hold major support at 1.3950 and is short, the 1 hour chart looks as though it is just about to signal a new long move.
Big Picture Elliott Wave: Wave count #1. We came out with another wave count on the Eur/usd pair after a strong dollar trading day on Friday. The first wave count, shown bellow, is the same as was posted previously where we are looking for higher move if the Usd gets weaker overall. The support wave y of IV must hold and push the prices through the upper trend resistance area, around 1.3824 which would probably confirm this wave count.