The EUR/USD bearish momentum is breaking below the key 1.21 support zone which marked the last hope for the bulls. Due to the bearish breakout, price is probably not in a long-term bullish wave 4 and a larger bearish ABC correction is taking place. For the moment, price is now probably building bearish wave 3 (green) of wave 3 (blue).
The EUR/USD broke below the support zone (dotted lines) and is expanding the bearish momentum with a new lower low. Considering the break of the key support zone, price is expected to continue with the downtrend via the wave 3 (orange) and then later on after a retracement via a wave 4.