EUR/USD price action broke to the downside from a daily ascending trend channel on 9th September. After this break, support was found at 1.1750 sending price back up to 1.1900, which was a retest of the daily ascending trend channel. Since then price has ranged between 1.1750 and 1.1900. As price has now formed a lower high, we are awaiting another drop to the downside. We will be watching the zone in question which is a confluence between the overall monthly descending trend line and the newly forming 4H descending trend line. Late last week price may have already begun to react from this level for a larger push to the downside.
If price creates a higher high this analysis will become invalid.