The EUR/USD downtrend channel after bouncing at the 38.2% Fibonacci retracement level of wave 4 (purple) is mild and choppy. This could indicate that the wave 4 could expand into a larger sideways consolidation or triangle.
A bearish breakout could indicate the restart the downtrend but could also lead to larger wave X (orange) correction. Keep in mind that later today there is USD interest rate decision.
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EUR/USD broke multiple support trend lines (dotted green) but price action is now building a new sideways zone. A new bearish breakout could see price test the next support zones around 1.1650, 1.16, and 1.1550. A bullish breakout could indicate a larger bullish correction towards the 50% Fib on the 4 hour chart.