After touching the high of 1.2539, eurusd started a retracement phase. The downtrend analyzed here is the C major. Where it will end we can not say with certainty but some elements taken into consideration make us suppose that the price, in the short term, will have a small rise before continuing its descent. Let's see what.
1) Fibonacci captures to perfection (or almost) all the main levels of supports and resistances. see in particular the irregular flat between 1 and 2 and the lateral movement in which we are now (wave number 4)
2) the double bottom marked in the last sessions could be a prelude to a momentary break of the downtrend
3) the possible target of the double bottom is located near the bottom of the wave 1, a limit that can not be crossed by the total retracement
4) same thing for the minor c, the one in which the price is currently found. it is a wave formed by 5 subwaves. Tracing a Fibonacci projection from zero to 100 would not exceed the bottom of the major 1 wave.