EUR/USD's fall was contained above 61.8% retracement of 1.2329 to 1.4719 at 1.3242 and rebounds strongly. Break of minor resistance indicates that an intraday low is in place at 1.3313 and turns outlook neutral first. However, note that there is no confirmation of fall from 1.4719 yet and as long as the inner falling trend line resistance holds, another fall is still in favor. Below 1.3313 will pave the way to retest 1.2329 low. On the upside, above break of the trend line resistance (now at 1.3967) will argue that fall from 1.4719 has completed. More importantly, this will leave such fall in three wave corrective manner and indicate that a break above 1.4719 should at least be seen before topping. Break of 1.4360 resistance will confirm this short term bullish case.

In the bigger picture, a medium term bottom no doubt in place at 1.2329 and fall from 1.6038 should have completed. Whether such fall is impulsive or corrective in nature is debatable. But after all, in either case, as long as 1.4867 resistance holds, such decline is still in favor to resume. Though, some larger scale consolidation could be seen first. However, above 1.4867 will dampen the bearish view and argue that stronger rally would be seen to retest 1.6038 record high.