Hi FX Wizard - this next week is the last of this month and this month as certainly been a up retrace of nearly 800 pips - after dropping over 1250 pips in less than 5 weeks. I like "bouncy balls" - whether on a 1minute chart or a monthly chart - and the question is - when is the bounce down again ?? It will come but will it come this week or the following week and if its less than a total 500 pip drop - then could the down be over and the Euro will try above 1.4200 etc. Until the Euro is over 1.4150 area - I still think it just part of the fall from 1.4940 area.
Conclusion - expect anything to happen and trade what you system says and what you see. Thats what i will be doing and so far until i see a 30-50 pip move either way I will wait. Have a good week