I took a look at the longer term trend in EURUSD, more than surprising /not I think we are in a trend reversal for EURUSD. Just look at the daily chart below. I will keep everything simple. ;)
For longer term position traders, it might be good entry point at those blue lines acting as trendline support. I believe the mid-long term trend is a uptrend.Take a closer look at right hand side most recent market actions. It looks to me like a wave 1 of the wave 5, which wave 5 i think it might end at around 1.3489. The correction as of last two days forming the wave 2. Let's look into 4 hr chart.
In this case of wave 2 (on larger degree in daily chart), we are looking at the final wave C to stop at somewhere around 1.2839 (61.8% of wave 1). In the 4 hr chart we might observe a rebound of EURUSD up to these 2 levels (in red and blue ) which I have drawn. Then a final wave C will began to stop at the stipulated target of 1.2839. Only then, there will be a movement of wave 3 ( known to be the fiercest and steepest movement among all impulsive waves). Let's see how the EURUSD work out and if my wavecount holds. :) Cheers
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