The EUR/USD broke the support trend lines (dotted green) which is indicating that a larger bearish correction is under way.
The bearish breakout confirms that the bullish swing has been completed, which has been marked as a wave W (pink). The current bearish swing is therefore probably a wave X (pink) and we are keeping an eye on the Fibonacci levels of wave X vs W for a potential bullish bounce. Strong bearish momentum could change the expected wave patterns.
The EUR/USD bearish breakout invalidated the wave pattern from yesterday. Now it has become more likely that price completed a bullish wave C within wave W (pink) and that several ABC patterns are taking place within wave X (pink). A new ABC (blue) is possible as long as price stays below the 100% Fibonacci level and resistance trend lines (red).