The steep sell off could be the beginnings of wave (5). However, the overlap at 1.1065 places more emphasis towards an X wave lower. A rejection of prices near 1.1225-1.1325 will more heavily emphasize an for wave (5) lower.
What is your favored count?
German Bund rates (10yr) are suggesting the EURUSD needs to be several handles higher. Something will give soon...
That's one reason why I like EURAUD long.