The EUR/USD pair is rising in a correction after making fresh lows at 1.0493.
It is probably forming a classic a-b-c 3-wave correction with waves A and B already completed and C yet to come. If C does in fact unfold it will probably reach close to the trend-line at 1.0760.
Overall, however, the dominant down-trend is still intact and likely to resume. A break below 1.0493 would confirm a move lower, with 1.0400 providing the next target.
The pair is trading at the extreme of the monthly range and traders should take car if shorting as down-side is probably over-stretched even if this is a not unusual phenomenon in financial markets.