EUR/USD, detailed breakdown and next possible target

As it can be seen from the chart, after reaching an important key level of 1.137 last week, the price immediately reacted to the zone and started dropping. Moreover, on smaller timeframes, a descending channel has been formed. The price has printed some nice candles and rejected the local zone of 1.131 resistance. It is highly likely that the price will continue dropping and reach the level of 1.118

Have a great trading week, dear TradingView community!