The EUR/USD bearish channel is choppy and corrective and is now approaching a key support zone between 1.2150 and 1.22. The bearish retracement could be completing a wave 2 (purple) or starting a new down trend. Price will need to break above the support (green) or resistance (red) levels before a new trend can be expected.
The EUR/USD is building 5 bearish waves which could either complete a wave c (green) within the wave 2 mentioned on the 4 hour chart. The bearish 5 waves could also be a wave A of a bigger ABC (brown) or start a new downtrend and become a bearish wave 1. For the moment however, price is at a strong support zone and a bullish bounce could become more likely here or at 1.2150. A break below the support zone would decrease the chance of a bullish bounce.