We think that sharp decline from 1.3810 represents only first leg within larger decline, so move from 1.3623 should then unfold in corrective manner. We are talking about wave (ii)/(b) that may look for a reversal down from 1.3715-1.3740 region. Critical level remains at 1.3810 as wave (ii)/(b) must not retrace more than 100% compared to previous five wave fall.
EUR/USD 1h Elliott Wave Analysis

On the 4h chart below we can see that pair also took out the lower trend line of recent upward channel from November lows.

Usually such a breakout is important indication for a change in trend as broken support lines then become a resistance line which in our case comes in just above 1.3720 for wave (ii)/ (b).

With that in mind, be aware of a move to the downside, probably at the start of January as market price action is expected to remain slow with low volatility during the holiday period.

EURUSD 4h Elliott Wave Analysis

Forex Analysis by Gregor Horvat at ForexPros. com