and higher it should go...

All this choppy price action of the last week must have been a 2nd or B wave while forming a flat correction... B waves are generally time consuming corrections where 2nd waves aren't so this should be a B wave with a C down leg to follow there after... That a-b-c expanded flat of the B wave turned out to be a complex one and especially that last c leg doesn't have the typical impulsive look... Nevertheless price should head higher towards 14350 - 14450 area and afterwards we should see another decline...

After bouncing from support EURUSD heads higher

It seems that 5 waves down are finished with the 5th wave being some kind of ending diagonal... since then price constructed a round bottom and is now heading higher towards the two targets mentioned in the picture... There is a small possibility of price revisiting the 14050 lows in an attempt of forming a flat correction, but nomatter what we should probably see first 14500 printing before any attempt of breaking 14000...

Andrew's pitchfork points downwards to support area

Since price action is inconclussive as if these are the first steps of a bigger downwards movement and until I see some decent evidence that the bigger decline has resumed I think that I should  draw some pitchfork lines to determine possible energy points as well as lines which would turn out to be targets for this down leg... If you are not familiar with medial line technique you should check these two Tim Morge's sites http://www.medianline.com/   and  http://www.marketgeometry.com/...
You will see in the chart that the pair after hitting median green line is now heading to the lower green line which should act as support... If this support breaks the EURUSD will head to median red line...
I am not quite confident that this is the first steps of the big decline as I assume (based on cycles analysis) that for the rest of the year pice action will consolidate in a big range and probably head a little higher... 2012 should print the high for the next 4 years to come which is not necessary higher that those already printed...

this should be the top...

I wrote on 4th of May: "It seems we ended up with the yellow 3rd wave within the 5th... The 4th wave within the 5th should find support at 14745 or else at 14700 before exploding higher again to end with the 5th of the 5th wave..."... It seems that the 4th wave was shorter than i expected and the 5th of the 5th wave ended with a small thrust above the congestion zone before EURUSD falling out of a cliff  for nearly 480 pips... it has now finished 5 clear waves down and expectations now are for a second wave to form above the 50% retracement level, possibly at the 61,8% at 14750... Shorting at this area against the highs should be well rewarding...

within a wave 4 correction

It seems we ended up with the yellow 3rd wave within the 5th, which by the way was shorter than the 1st which means that the 5th wave will also be shorter than the third which places it at maximum 410 pips...
The 4th wave within the 5th should find support at 14745 or else at 14700 before exploding higher again to end with the 5th of the 5th wave...