EURUSD Deciding Time!

FX:EURUSD   Euro Fx/U.S. Dollar
EURUSD             is at very crucial point right now.. The decline has taken place as expected earlier. Now the price is at the channel bottom line from where it could turn up or break down. If it breaks down there is one more hurdle at 1.1000 if broken that new lows on the pair are imminent. However, if it starts to give a bounce from the channel and goes up again, We might consider the decline from 1.7000 levels till now as an X wave which means there is one more Leg upwards for a Z Wave which would be above previous highs of 1.7000. I would look at the price action from this juncture and take the trades accordingly. Any comments or Suggestions are welcomed. Happy Trading!!
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