EUR/USD is trading around 1.1866 within the downtrend channel formed since January 23, below the 21SMA, under bearish pressure.

On the H4 chart, the euro is showing signs of exhaustion and is likely to resume its downward cycle in the coming hours, potentially reaching the 200 EMA around 1.1794.

If EUR/USD breaks decisively through the downtrend channel and consolidates above 1.1890 around the 21 SMA, the outlook could be positive, and we could expect it to reach the 6/8 Murray around 1.1962 and finally reach the 7/8 Murray around 1.2085.

Given that the euro is under downward pressure, if a pullback towards the upper band of the downtrend channel occurs in the coming hours, it will be seen as an opportunity to open short positions with targets at the 4/8 Murray located at 1.1718.

The Eagle indicator is showing a negative signal, so EUR/USD will likely continue to fall in the coming days and is expected to reach the psychological level of 1.1500 in the coming weeks.