Near-term bias still favours sellers
In the event of quick sharp moves, Fib levels come in handy to look at potential price retracements. For EUR/USD today, it appears that offers are lined up around the 1.1470 level after the earlier drop and that is so far keeping a cap on price action after the pair tested lows for the day at 1.1432.
In case you missed it, the drop below 1.1500 was a quick one as price was trading around 1.1510 and the next moment it was already at 1.1480 levels. So, there wasn't much defending to do around the barrier options that were sitting at 1.1500.
And the manner of the breach allowed for further acceleration towards the downside. But right now, price looks to be coonsolidating around the 1.1440-60 levels in the last two hours.
Looking at the bigger picture:
The 50.0 retracement level @ 1.1448 will be a key level to look out for into the daily close later. Stay above and there may yet be some hope left for buyers, though with the dollar index running away to the topside it's hard to see the level hold out for long. But you never know in markets really.
That will be the last clear line of support for buyers as thereafter the slippery slope continues towards 1.1400 and minor support at 1.1371 and 1.1310-30.
