Eur/Usd : Decline to bottom

Last week i was looking for a breakout of the channel. This came in a different direction than expected. The highest probability was for a rally, but the market decided to decline instead. After breaking the channel, price retested it, meaning that the market recognizes the channel. The break was bearish and key levels have been broken. Price is now also firmly under the 2nd trendline of the daily chart. As for EW, price is near the end of wave (W) of Y. There's a nice fibonacci target zone around 1.2450 - 1.2500. Look for price to finally find some support around those price levels and start a wave (X) rally, which could take a couple of weeks depending on how sharp this rally will be.