The EUR/USD has fallen to below the S3 monthly pivot at 1.0583 and then hit a new low at 1.0497. It is quite rare for the exchange rate to break below the S3 monthly pivot - these are very extreme levels.
Returns in financial markets do not follow patterns of normal distribution, however, so there is still a possibility the pair could continue falling even lower – particularly in the mid-term when many analysts are calling for parity.
In the short-term, however, I would act cautiously with a break of the 1.0497 lows required to confirm a move down to a target at 1.0400. Alternatively there is the possibility of a sideways consolidation unfolding, particularly below the 1.0650 resistance level.