On the 4h chart of EUR/USD, we are observing a nice bearish reversal taking place, with price turning down from 1.0828 where we think that wave 4) found a top. Reason for a bearish view is a break below the trendline support and push beneath 1.0589 swing which opens door for much lower levels in impulsive manner. At the moment, we can see that price is sharply approaching 1.0515 level, probably because pair could be already trading in the black wave 3. Well, if that is the case, then temporary consolidations may pop up. That said, regarding the price targets, we believe price could be target the 161.8 Fibonacci ratio for the end of wave 3.
EUR/USD 4 Hour Chart