Eur/Usd : How high can it go?

After breaking the trendline, 1.2877 didn't hold either and the downtrend which started at 1.4939 has ended for now. The question is now how high price can reach in this countertrend rally. A first possible target is the trendline which connects the 1.1875 and 1.3145 lows. This could be retested quickly and result in a short wave (X) of Y. Another possibility is that this level will only end a first leg in the countertrend rally, A of (X) of Y. For this we have to analyze the smaller timeframes.