On the 4h chart of EUR/USD we are observing a three wave move developing in wave 4), with price now  trading in sub-wave C. As we can see on the updated count, wave C could be an ending diagonal, a powerful reversal pattern that can cause a sharp reversal lower into wave 5). Decline below wave four swing support and then towards 1.0454 level would suggest that pair is underway to new lows with wave 5).

EUR/USD, 4H