The EUR/USD seems to be building a bearish ABC pattern (purple) within wave X (pink). Price has reached the 38.2% Fibonacci retracement level which could be a bounce spot. If price does break, then it could fall towards the 50% Fibonacci level.
The EUR/USD could show a bounce in this support zone as part of the wave A (purple). If there is a bounce, then price could build a 3 wave correction within wave B (purple) before continuing lower to complete a wave C (purple) in wave X (pink).
The EUR/USD seems to be showing strong bearish momentum at this moment as expected yesterday. Price seems to be showing and completing a potential wave 3 (blue), although price is likely to drop a bit lower first before building a potential wave 4 (blue). Once price finishes wave 3 (blue), then it could retrace for wave 4 (blue) and then move lower within wave 5 (blue).