The drop below 1.5611 significantly increases confidence in the bearish outlook. “If wave C of an expanded flat that began at 1.6018 is underway, then the ultimate objective is not until below 1.5283.” Near term, expect a bounce to at least 1.5615.
There are 2 counts that we are following (both treat the decline from 1.6039 as wave C that will not end until below 1.5283). The first is that wave 3 of C is underway from 1.5768. If correct, price will remain below there. The other count is that wave 1 of C is complete (or very nearly so) and that wave 2 will bring the EURUSD back to 1.58 or so before the decline continues.