Possible 500 pips Setup; Could the Euro drop to 0.9600?

The Euro has slumped against the USD counterpart for the past 24 months, recently hitting parity and even dropping to 0.9900 briefly. Inflation issues and the Russia/ Ukraine wars have not helped the course of the Euro. Technically the EURUSD has been trading within a descending channel as seen on the Daily Chart. Over the past few days, price has been consolidating, finding it difficult to get any real bullish action. The 1.0150/ 1.02 Resistance level would be a good area to find a swing shorting opportunity as it is also the Channel Resistance and the Golden Fib retracement level of the last swing between the 1.0367 highs and 0.9895 lows.

If the bearish momentum persists, we may have a good 500+ pips opportunity there...