The sharp pullback to 1.4118 last Thursday afternoon and the less spectacular overnight to the 1.4170 level are connected by a sharp uptrend on the hourly charts that comes in at 1.4198 at the moment. Look for short-term traders to cluster stop-loss orders just below that trendline.
Medium-term EUR/USD longs must be frustrated that continued new highs in the S&P 500 and other equity indexes are not translating into a broadly weaker dollar on any sort of sustained basis. Rather than wait for the inevitable equity correction, it looks like medium-term players are beginning to lighten up longs on rallies.
EUR/USD trades now at 1.4215, a very familiar level.