Euro is currently trading within a declining channel formation. As long as the price remains within this shape formation, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside with an ultimate target at 1.11475. The idea is to wait for retracement back towards the upper trendline to pick a low risk sell order with an ultimate target at 1.11475. A break below this target will push the price even lower.