The 4hr of the EURUSD currently is identified in this analysis to be in a Minor wave C position that is part of an Elliott wave combination (W-X-Y) structure. Red lines on the chart indicate resistance where the EURUSD is expected to hold before continuing its downtrend.
Point of invalidation (POI) for this analysis is a price close above ~1.24104.
Ideal point of entry for a short position is a breakout below the low in the EURUSD on April 12, 2018 at
~ 1.22994. The least target for the sell off is the price low (~1.21545)made on March 1, 2018.