The EUR/USD bounced at the resistance trend line of the falling wedge reversal chart pattern yesterday and made a new lower low. Price now needs a bearish break below the wedge before a continuation towards 1.1450-1.1550 is possible and likely.
A strong bullish bounce could indicate the end of the wave 3 (pink) and the start of a larger wave 4 correction whereas a bearish breakout could indicate the continuation of the downtrend towards the Fibonacci target levels.
The EUR/USD needs to show strong bullish momentum otherwise bullish reversal does not seem likely at the moment. Price needs to break above the resistance trend line (red) and 61.8% Fib for instance. The current pattern on the 1 hour chart is however suggesting a bear flag and a break of that corrective pattern could see a continuation of the downtrend. In that case price is expected to fall towards the Fibonacci targets.