EUR/USD is trading around 1.1687 under strong downward pressure after attempting to break the uptrend channel around 1.1745.

On the H4 chart, we can see that EUR/USD is reaching the support level of the 200 EMA, which coincides with the bottom of the uptrend channel formed since December 23.

If a break occurs below the bearish channel in the coming hours, we may look for opportunities to open short positions. If the instrument consolidates below the 200 EMA and 1.1690, it will be viewed as a signal to sell, with targets at the 3/8 Murray and ultimately at the 2/8 Murray.

Conversely, if there is a technical rebound above 1.1685, it could be seen as an opportunity to buy with targets at the 4/8 Murray as part of a respite for the bears. This area is key and could serve as a point to resume short positions.

The euro will likely test the key support level of 1.1596 in the coming days and could even reach the psychological level of 1.15. So, as long as the price remains below 4/8 Murray, there will be strong selling pressure.