The drop below 1.5521 this morning makes it highly likely that the EURUSD is headed lower and quickly.
One of the counts that we proposed yesterday was “wave 3 of C is underway from 1.5768. If correct, price will remain below there.” The objective is not until below 1.5283. The pair has also broken below trendline support that has held since August 2007. Price should remain below 1.5699 going forward.