Whether the EUR/USD is back in the bigger downtrend or making a bigger correction as part of a wave 4 (green) remains to be seen and partially depends on how price will react to the previous bottom (green).
This week's video analysis reviews the bullish US Dollar price action and the major resistance levels that could hinder a bullish breakout and cause a bigger bearish correction
The recent bearish momentum on the EUR/USD caused both the break below the support trend line (dotted green) and also the wave count to change to its current form (multiple wave Y's).
1 hour
Price seems to have completed a bearish zigzag (orange ABC) but
The wave B count (magenta) has become less likely due to the EUR/USD break below the trend line support (light green) during the FOMC statement yesterday.
1 hour
The invalidation level is the bottom of wave A (magenta) which is the 100% Fibonacci level a