EUR/USD has broken below the 1.0487 support level and continued its downward movement from 1.1275, reaching as low as 1.0463.
As long as the price remains within the falling price channel on the 4-hour chart, there is an expectation for the downside move to continue, with the next target to consider around the 1.0400 area.
On the upside, a breakout above the channel resistance would indicate that the downside move might have already concluded at 1.0487. In such a scenario, the next resistance level to monitor would be around the 1.0700 area.
Traders should closely monitor the price action within the falling price channel, keeping an eye on potential breakthroughs or reversals. It is important to adapt trading strategies to the current market conditions and stay updated with the latest news that might impact the pair.