The EUR/USD broke below the support of the large consolidation zone (dotted blue). The bearish breakout finally indicates the end of the range and the continuation of the downtrend.
The EUR/USD is probably in a bearish wave 3 (purple), which could extend towards the Fib targets of wave 3 vs 1. A retracement could bounce at the Fib retracement levels of wave 4.
The EUR/USD is probably building an extended 3rd wave (blue) within wave 3 (purple). Even within wave 3 (blue), price could be building a 5 wave pattern (green). Any bullish retracement is likely to bounce and turn back down at the Fibonacci levels of wave 4 vs 3.
