The EUR/USD made a new lower low but price did manage break below the 78.6% Fibonacci retracement level. Price could still be in a bullish reversal zone as long as price stays above the 100% Fibonacci retracement level but a bearish break below 1.1225 could indicate a downtrend.
The EUR/USD is probably extending the wave Y (blue) pattern within a larger WXY (blue) correction in wave X (purple). The confirmation of this wave pattern could finally occur if price manages to break above the resistance trend lines (red). A break below the 100% Fibonacci levels indicates that the current wave pattern is unlikely and that a downtrend could start.
The EUR/USD seems to have completed 5 bearish waves (orange) in wave C (green) of a larger bearish ABC pattern. Despite the bearish break below the support (blue) of the bullish channel, it seems likely that price has reached a support zone that could create a bullish reversal.