The EURUSD in a nice descending wedge which is a bearish sign for the cross. It is curently sitting on the S8 of the whole move down @ 1.2210. There is a chance that we could bounce as high as the 1.2500 area before resumption of the downtrend – this would be at the .618 retracement and Moving Average confluence. Targets are pretty easy to see although a long way away for today. Targets are the S7 (fibo extensions of -0.618 and -0.786) @ 1.1690 area.
