Here is the EUR/USD daily Channel (parallel lines). After making a top at 1.4766 yesterday - price was rejected 4 times off the 1.4750 level - hence the liquidation seems to start.
Daily chart shows the Channel top was probed higher at 1.4766 bu it held the real body of yesterday's surge.
To put the short term price action - the 4-hour chart shows the EUR/USD still trading in the channel it has been trading inside the last 2 weeks since the breakout above the 1.4446 level.
4-Hour Channel bottom comes around 1.4644 - a level to watch for Support or breakdown.
Hourly chart reminds me previous similar cases of liquidation markets with those long drops and no retrace. Currently the Hourly 100-MA at 1.4667 holds and the 200-MA at 1.46 is the target if it is a truly liquidation day.