EUR/USD remains under pressure after the failure to stay above some important levels, but we still have to wait for a confirmation that it will register a significant drop. The pair moves sideways according to the H4 chart, it should drop further if the USDX resumes the bullish movement.
The Dollar Index is trading at 100.12, a breakout above the 100.30 former high will signal a further increase and the EUR/USD drop. EUR/USD is trapped below some important resistance levels, that's why the bias is bearish even if the price increases a little on the short term.
EUR/USD is moving sideways between the weekly Pivot Point (1.0891) and the S1 (1.0791) levels, it is somehow expected to drop deeper after the breakdown from the ascending pitchfork's body and from the minor up channel. The price has tested and retested the outside sliding line (sl1) of the minor ascending pitchfork confirming the breakdown and signaling a potentially significant drop.
EUR/USD is bearish as long as it is traded below the 1.0917 level, but you should remember that a valid breakdown below the S1 (1.0791) level will confirm a further drop.
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EUR/USD will extend its drop if it makes another lower low, a valid breakdown below the S1 will signal a drop towards the 1.0654 static support. I believe that a further drop could be invalidated only by a false breakdown with a huge separation below the 1.0816 low and below the weekly S1 (1.0791) level.
You should keep an eye on the USDX and if this index reaches new highs, EUR/USD should drop towards fresh new lows in the short term. The weekly S2 (1.0712) and the S3 (1.0612) levels could be used as downside targets as well.
An important upside movement will be confirmed only after a valid breakout above the weekly R1 (1.0970) level, EUR/USD is traded far below this level, that's why a further drop is favored.
