EURUSD in a sharp downtrend?

According to this 4h chart the EURUSD looks overbought and a continuation of the downward move is to be expected. If it breaks and closes below the 1.08881 support line then selling panic could be the expected reaction of traders and investors which could lead to further decline and a possible rest at 1.07500 - 1.06800 range.

On the other hand, a break and a close above 1.09500 would mean the beginning of a new bullish trend.