EURUSD moved even deeper in the past few sessions, and its more than obvious that corrective reversal from 1.3170 is still underway. The pull-back is now quite big and much more complex than firstly thought so we decided to adjust the wave labeling. We think that that current decline is still wave four but of one larger degree, but massage however is the same. We believe that decline is temporary and that bullish reaction will occur in coming days. Pair trades around 1.2855 support and very close to 38.2% retracement level, that is typical bounce level for fourth waves. With that said, traders need to keep an eye on upward reactions, through the falling channel resistance line that will open the door for wave 5 rally.