The EUR/USD finally broke out of a sideways price action into wave C); earlier than we thought but still in our primary direction. This wave C) now has room for even higher levels, towards 1.3250/1.3300 where we will be looking for evidence of a completed rally from 1.2745. Keep in mind that whole recovery is probably corrective), and that larger downtrend will most likely resume by the end of this month. A sharp fall from Fibonacci resistance levels and through support channel line will put the pair back in bearish mode.

Forex Analysis by Gregor Horvat at ForexPros. com