Whether the EUR/USD is back in the bigger downtrend or making a bigger correction as part of a wave 4 (green) remains to be seen and partially depends on how price will react to the previous bottom (green).
Wave C (orange) is marked as uncompleted but
...This week's video analysis reviews the bullish US Dollar price action and the major resistance levels that could hinder a bullish breakout and cause a bigger bearish correction
The EUR/USD is in a downtrend channel which is indicated by the orange trend lines. Price however is approaching the previous bottom (green line).
Price has reached the 161.8% Fibonacci target but could fall further especially if it stays below the
...The recent bearish momentum on the EUR/USD caused both the break below the support trend line (dotted green) and also the wave count to change to its current form (multiple wave Y's).
Price seems to have completed a bearish zigzag (orange ABC) but
...The wave B count (magenta) has become less likely due to the EUR/USD break below the trend line support (light green) during the FOMC statement yesterday.
The invalidation level is the bottom of wave A (magenta) which is the 100% Fibonacci level a
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