Good morning,
So, on EUR we see minor reaction MPP support, but still, as we've said the floor probably should be around 1.2235 major Fib support and daily OS:
View attachment 36390
On 4-hour chart we do not have a lot of trading setups as well. Market has broken all major Fib supports down but has not shown any even 3/8 retracement. Now we're watching for AB-CD support area around 1.2237 and WPS1. Potentially market could form here DRPO "Buy" pattern. It looks even better on dollar index chart:
View attachment 36391
On hourly chart I would have to get butterfly pattern. Just because it will finalize downside action and market will reach OP target. Second - it will give us more confidence, so we could expect at least minor upside bounce out from here and this will increase the safety of position taking as we could move stops to breakeven later.
View attachment 36392
Still, I'm not looking too far ahead, so it is not the fact that this will become major upside reversal. So let's treat it by far as possible bounce up from daily support area...