EUR/USD pair hovering close to the lower boundary of its descending channel

The EUR/USD pair is trading near $1.1558, hovering close to the lower boundary of its descending channel. Price action remains weak below both the 50-EMA ($1.1618) and 200-EMA ($1.1653), signaling persistent bearish pressure.

The pair has repeatedly failed to break above the descending trendline near $1.1620, reinforcing the downtrend structure. The RSI at 37 points to mild oversold conditions, suggesting limited room for further downside before a potential short-term rebound.

A clear break below $1.1545 could expose the next support at $1.1510 and $1.1477, while a rebound above $1.1620 would indicate early signs of recovery toward $1.1669.