Early in the American session, the EUR/USD pair is trading around 1.1203, retreating after having filled the gap around 1.1265.

After consolidating above the 21SMA, the euro made a strong bullish push, reaching the resistance zone of the downtrend channel and, in turn, managing to fill the gap it left on May 9.

The euro is expected to continue its fall in the coming hours. Therefore, we should expect a close below 1.1186 on the H4 chart. Then, the price could slide to 1.1080 and even 1.1032.

On the other hand, if the euro breaks the downtrend channel and consolidates above 1.1250, the outlook could be positive, and we could look for buying opportunities with a target at the 7/8 Murray located at 1.1474.

The outlook will remain bearish for the EUR/USD pair, so we will look for selling opportunities below 1.1230, which represents the 6/8 Murray, with targets around the psychological level of 1.1000.