Based on the EURUSD's current position, I'd say we are close to putting in a long position. Personally, I do want to see my RSI going oversold before I make any entries, as well as some sort of reversal pattern so I am looking for more of a 'B' arrow path. On top of this, bear in mind news on the EURO CPI is coming out tomorrow which hopefully might contribute to justifying the reversal formation I'm looking for.
On another note, I do believe the recent drop has taken us to critical point on the overall EURUSD pair as seen on the below weekly. Appears to be a bit of a retest, as you can see we have aligned with major S/R levels.
This is my opinion and any of your own thoughts are welcome.