By continuing the analysis of EUR-USD, wave B was completed with a retracement of 61.8% of wave A and now is forming wave C. If this wave is the last of the correction phase ABCXABC, will depend on how many sub-waves it will be composed (three the correction will continue, five the correction will be completed).
Possible target of wave C:
1.2240 wave C = 0.618...
Eur-Usd has failed its return above 1.24 after the rates decision of yesterday by the FOMC, and in doing so, it didn't break the trendline resistance. Now is likely a decline of the currency pair as far as 1.2050 area (about on the support trendline), and, in case of the breakout, in 1.1900 area.