The EUR/USD is testing the Fibonacci support levels of wave X (purple) after the bearish breakout below the support trend line (dotted blue). The price decline is probably a retracement within a larger bullish correction.
The EUR/USD is expected to build a bullish bounce at one of the Fibonacci levels. A break above the resistance trend line (orange) would confirm a larger wave Y (pink) correction within wave B (purple) whereas a break below the 100% Fib level makes a downtrend continuation more likely.
The EUR/USD indeed completed a wave B (blue) as expected within a larger bearish ABC zigzag (blue). The bearish breakout below support (dotted blue) confirmed the wave C. Now price seems to be building a 5-wave pattern in wave C (blue).