What does EURUSD chart tell us?

As we can see in daily time frame price was making HL and HH and completed all its Elliot Wave 12345. Then we can see price has made Elliot ABC correction and from B price came to the discount zone but failed to make new HH. In stead of making new HH price was dropping from the premium zone giving retest earlier breaking of Elliot Correction C and A.

Currently the price is forming a ABCD pattern so there is a probability that price may drop to the Impulsive 4 (1.05161) at least.

If the downtrend continues price may fall to 1.04815 following 1.02227