Eur/Usd : Trendline retested

Bad news all around, panic seems to be picking the upper hand. The reaction of the retest of the 2010-2011 trendline was voilent. This means that the market recognizes this trendline and with this the change in trend. The question now becomes if the decline of the trendline retest was impulsive or corrective. This will only affect the path but not the direction. If it is corrective there will be a bigger bounce in the form of a wave X, if it's impulsive there will be a very impressive wave 3 of C in the near future.