Recent rally is clearly impulsive and doesn't show any signs of topping so far... so, I expect the euro to rise further against dollar in the coming sessions and possibly extend beyond 14 Dec high of 1,3500... that would complete the C leg of an expanded flat "B" wave... that means that the move down from 1,4280 is not yet impulsive (price is still correcting) rather than the second leg of a bigger correction... this is quite normal because extended 5th waves tend to be double retraced, we saw just the first leg of the corrective pattern from May low and now we are in the middle of the second corrective wave...
So, to summarize, i expect first a move up to complete B wave ending somewhere near 1,3580 area, then an impulsive decline down to near 1,20 level, and when sentiment against Euro is starting to get extreme again, a large impulsive wave up to 1,4500 area should begin... that would probably end the correction since 1,5150 high...
Of course, that's just a thought so far, and price action is needed to confirm or reject that senario...
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