The EUR/USD pair has recovered and pulled back into support and resistance from the S3 monthly pivot at 1.0583.
The down-trend remains intact, even on a very short-term time-frame, despite the recent push up through the trend-line on the 4-hourly chart.
I would expect it resume at any time – especially now it is bumping up against S3 - and take the pair lower, with a break below the current 1.0461 lows confirming the next 'trip' down to a target at the 1.0400 level.
Yes, the pair is oversold and we know that statistically there is a low chance of a break below the S3 pivot – however, despite this it is also true that financial markets over-extend more often than normal, and the direction of the trend trumps all other considerations.